UMB Financial Corporation (UMBF) has reported 44.84 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $42.93 million, or $0.87 a share in the quarter, compared with $29.64 million, or $0.60 a share for the same period last year. Revenue during the quarter grew 8.21 percent to $240.29 million from $222.05 million in the previous year period. Net interest income for the quarter rose 14.85 percent over the prior year period to $131.46 million. Non-interest income for the quarter rose 3.31 percent over the last year period to $116.33 million.
Umb Financial Corp has made provision of $7.50 million for loan losses during the quarter, up 50 percent from $5 million in the same period last year.
Net interest margin improved 24 basis points to 3 percent in the quarter from 2.76 percent in the last year period. Efficiency ratio for the quarter improved to 71.50 percent from 77.20 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Fourth quarter 2016 net income improved 2.4 percent, or $1.0 million, over the third quarter 2016," said Mariner Kemper, chairman and chief executive officer. "These results were driven in part by a $164 million increase in average loans, which helped drive a 5.4 percent increase in net interest income. For the full year, we earned a record $158.8 million. 2016 was a year of unprecedented market activity. UMB’s stock posted a 66 percent improvement, outperforming the 26 percent return for the KBW Nasdaq Bank index. During the year, we fully integrated our acquisition of Marquette Financial Companies, executed on our expense initiative, and continued our history of solid loan growth. We are looking forward to 2017 and continuing to improve operating leverage and invest in our business for the future."
Liabilities outpace assets growthTotal assets stood at $20,682.53 million as on Dec. 31, 2016, up 8.32 percent compared with $19,094.24 million on Dec. 31, 2015. On the other hand, total liabilities stood at $18,720.15 million as on Dec. 31, 2016, up 8.83 percent from $17,200.55 million on Dec. 31, 2015. Loans outpace deposit growthNet loans stood at $10,448.73 million as on Dec. 31, 2016, up 11.76 percent compared with $9,349.62 million on Dec. 31, 2015. Deposits stood at $16,570.61 million as on Dec. 31, 2016, up 9.79 percent compared with $15,092.75 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $6,654.58 million or 40.16 percent of total deposits on Dec. 31, 2016, compared with $6,306.90 million or 41.79 percent of total deposits on Dec. 31, 2015.
Investments stood at $7,690.11 million as on Dec. 31, 2016, up 1.60 percent or $121.24 million from year-ago. Shareholders equity stood at $1,962.38 million as on Dec. 31, 2016, up 3.63 percent or $68.69 million from year-ago.
Return on average assets moved up 23 basis points to 0.86 percent in the quarter from 0.63 percent in the last year period. At the same time, return on average equity increased 243 basis points to 8.58 percent in the quarter from 6.15 percent in the last year period.
Tier-1 leverage ratio stood at 9.09 percent for the quarter, up from 9.08 percent for the previous year quarter. Book value per share was $39.51 for the quarter, up 3.05 percent or $1.17 compared to $38.34 for the same period last year.
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