SVB Financial Group (SIVB) has reported a 28.18 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $101.48 million, or $1.91 a share in the quarter, compared with $79.17 million, or $1.52 a share for the same period last year.      

Revenue during the quarter grew 18.81 percent to $396.92 million from $334.08 million in the previous year period. Net interest income for the quarter rose 10.15 percent over the prior year period to $309.99 million. Non-interest income for the quarter rose 36.60 percent over the last year period to $117.66 million.

SVB Financial Group has made provision of $30.73 million for loan losses during the quarter, down 8.19 percent from $33.48 million in the same period last year.

Net interest margin improved 21 basis points to 2.88 percent in the quarter from 2.67 percent in the last year period. Efficiency ratio for the quarter deteriorated to 55.57 percent from 55.47 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"Our core business remained healthy in the first quarter with solid loan growth, healthy total client funds growth, higher net interest income and stable credit quality. We are maintaining our positive outlook for 2017 and raising our guidance for net interest income and net interest margin due to the recent interest rate increase," said Greg Becker, president and chief executive officer of SVB Financial Group. "While VC activity remains below recent historic highs as investors intensify their focus on disciplined investing, the brisk pace of first-time fund closings and significant levels of dry powder on the sidelines indicate that investors' appetites are still strong and there is ample capital available for good companies. Overall, our clients continue to perform well and we are seeing healthy momentum in our pipeline that reinforces our positive expectations for the year ahead."

Noninterest-bearing deposit liabilities were $33,587.93 million or 81.76 percent of total deposits on Mar. 31, 2017, compared with $30,933.26 million or 79.81 percent of total deposits on Mar. 31, 2016.

Investments stood at $21,635.25 million as on Mar. 31, 2017, down 8.11 percent or $1,908.56 million from year-ago. Shareholders equity stood at $3,903.46 million as on Mar. 31, 2017, up 11.18 percent or $392.42 million from year-ago.

Return on average assets moved up 19 basis points to 0.91 percent in the quarter from 0.72 percent in the last year period. At the same time, return on average equity increased 144 basis points to 11.03 percent in the quarter from 9.59 percent in the last year period.

Nonperforming assets moved up 21.81 percent or $24.85 million to $138.82 million on Mar. 31, 2017 from $113.97 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.30 percent in the quarter, up from 0.26 percent in the last year period.

Tier-1 leverage ratio stood at 8.51 percent for the quarter, up from 7.69 percent for the previous year quarter. Average equity to average assets ratio was 8.24 percent for the quarter, up from 7.52 percent for the previous year quarter. Book value per share was $71.80 for the quarter, up 9.79 percent or $6.40 compared to $65.40 for the same period last year.