Regional Management Corp. (RM) has reported a 47.49 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.63 million, or $0.65 a share in the quarter, compared with $5.18 million, or $0.40 a share for the same period last year.
Revenue during the quarter grew 16.09 percent to $65.82 million from $56.70 million in the previous year period.
Regional Management Corp. has made provision of $19.13 million for loan losses during the quarter, up 38.74 percent from $13.79 million in the same period last year.
"We continued to experience double-digit year-over-year top-line and overall finance receivables growth during the first quarter," said Peter R. Knitzer, chief executive officer of Regional Management Corp. "Total finance receivables increased 14% from the prior year, allowing us to generate 16% year-over-year growth in our interest and fee income. Most notably, we continued to successfully grow within our existing footprint, as we generated 13% growth in our same-store finance receivables. Further, the ongoing focus on our core loan categories helped alleviate our typical portfolio seasonal liquidation and puts us in a strong position to grow the business in subsequent quarters."
Liabilities outpace assets growth
Total assets stood at $690.43 million as on Mar. 31, 2017, up 13.24 percent compared with $609.71 million on Mar. 31, 2016. On the other hand, total liabilities stood at $476.25 million as on Mar. 31, 2017, up 16.79 percent from $407.78 million on Mar. 31, 2016.
Shareholders equity stood at $214.18 million as on Mar. 31, 2017, up 6.07 percent or $12.26 million from year-ago.
Return on assets moved up 90 basis points to 4.30 percent in the quarter from 3.40 percent in the last year period. At the same time, return on equity increased 440 basis points to 14.50 percent in the quarter from 10.10 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
