The Bancorp, Inc. (TBBK) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $7.96 million, or $ 0.14 a share in the quarter, against a net loss of $10.91 million, or $0.29 a share in the last year period.
Revenue during the quarter grew 22.56 percent to $48.10 million from $39.24 million in the previous year period. Net interest income for the quarter rose 21.02 percent over the prior year period to $24.88 million. Non-interest income for the quarter rose 29.60 percent over the last year period to $24.22 million.
Net interest margin improved 14 basis points to 2.70 percent in the quarter from 2.56 percent in the last year period.
Damian Kozlowski, The Bancorp's chief executive officer, said, "While 2016 was a very difficult year for our Company, first quarter 2017 financial results reflected the planned return to profitability. While we did incur financial losses in 2016, it did set the stage to make progress on many key issues that faced the company. I believe that the actions taken in 2016 have resulted in a much stronger platform and the first quarter was the start of what we believe will be a year of improving performance. I believe this first quarter is a turning point. We have a long way to go to fully implement our integrated business plan but we are on track to deliver better results for all the constituencies that comprise the Bancorp community."
Liabilities outpace assets growth
Total assets stood at $4,404.64 million as on Mar. 31, 2017, up 0.57 percent compared with $4,379.72 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,094.87 million as on Mar. 31, 2017, up 0.76 percent from $4,064.13 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,256.83 million as on Mar. 31, 2017, up 13.26 percent compared with $1,109.68 million on Mar. 31, 2016. Deposits stood at $4,035.80 million as on Mar. 31, 2017, up 0.92 percent compared with $3,998.96 million on Mar. 31, 2016.
Investments stood at $1,435.32 million as on Mar. 31, 2017, down 5.79 percent or $88.20 million from year-ago. Shareholders equity stood at $309.77 million as on Mar. 31, 2017, down 1.84 percent or $5.82 million from year-ago.
Return on average assets was at 0.73 percent in the quarter. At the same time, return on average equity was at 10.54 percent in the quarter.
Nonperforming assets moved up 186.84 percent or $3.56 million to $5.47 million on Mar. 31, 2017 from $1.91 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.16 percent in the quarter, up from 0.06 percent in the last year period.
Tier-1 leverage ratio stood at 6.96 percent for the quarter. Book value per share was $5.57 for the quarter, down 33.21 percent or $2.77 compared to $8.34 for the same period last year.
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