M T Bank Corporation (MTB) has reported 22 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $330.57 million, or $1.98 a share in the quarter, compared with $270.96 million, or $1.65 a share for the same period last year. Revenue during the quarter grew 6.86 percent to $1,279.22 million from $1,197.15 million in the previous year period. Net interest income for the quarter rose 8.52 percent over the prior year period to $875.76 million. Non-interest income for the quarter rose 3.87 percent over the last year period to $465.46 million.
M T Bank Corporation has made provision of $62 million for loan losses during the quarter, up 6.90 percent from $58 million in the same period last year.
Net interest margin contracted 4 basis points to 3.08 percent in the quarter from 3.12 percent in the last year period. Efficiency ratio for the quarter deteriorated to 56.42 percent from 55.53 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Assets, liabilities remain almost stableTotal assets stood at $123,449.21 million as on Dec. 31, 2016, up 0.54 percent compared with $122,787.88 million on Dec. 31, 2015. On the other hand, total liabilities stood at $106,962.58 million as on Dec. 31, 2016, up 0.33 percent from $106,614.60 million on Dec. 31, 2015. Loans outpace deposit growthNet loans stood at $89,864.42 million as on Dec. 31, 2016, up 3.85 percent compared with $86,533.51 million on Dec. 31, 2015. Deposits stood at $95,493.88 million as on Dec. 31, 2016, up 3.85 percent compared with $91,957.84 million on Dec. 31, 2015. Investments stood at $16,574.34 million as on Dec. 31, 2016, up 4.04 percent or $644.11 million from year-ago. Shareholders equity stood at $16,486.62 million as on Dec. 31, 2016, up 1.94 percent or $313.33 million from year-ago.
Return on average assets moved up 12 basis points to 1.05 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 91 basis points to 8.13 percent in the quarter from 7.22 percent in the last year period.
Nonperforming assets moved up 6.51 percent or $64.73 million to $1,059.22 million on Dec. 31, 2016 from $994.49 million on Dec. 31, 2015.
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