United Bankshares Inc (UBSI) has reported an 18.35 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $41.48 million, or $0.54 a share in the quarter, compared with $35.05 million, or $0.50 a share for the same period last year.
Revenue during the quarter grew 13.65 percent to $135.17 million from $118.94 million in the previous year period. Net interest income for the quarter rose 15.83 percent over the prior year period to $123.14 million. Non-interest income for the quarter rose 6.79 percent over the last year period to $19.02 million.
United Bankshares has made provision of $6.99 million for loan losses during the quarter, up 34.85 percent from $5.18 million in the same period last year.
Net interest margin improved 3 basis points to 3.56 percent in the quarter from 3.53 percent in the last year period. Efficiency ratio for the quarter improved to 48.26 percent from 50.54 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“Third quarter and year-to-date 2016 earnings continue to be strong,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “In addition, our annualized returns on average assets and average equity outperformed our latest peer group numbers.”
Assets outpace liabilities growth
Total assets stood at $14,344.70 million as on Sep. 30, 2016, up 14.24 percent compared with $12,556.93 million on Sep. 30, 2015. On the other hand, total liabilities stood at $12,316.02 million as on Sep. 30, 2016, up 13.54 percent from $10,847.09 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $10,363.11 million as on Sep. 30, 2016, up 13.90 percent compared with $9,098.18 million on Sep. 30, 2015. Deposits stood at $10,578.33 million as on Sep. 30, 2016, up 11.29 percent compared with $9,504.90 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $7,327.88 million or 69.27 percent of total deposits on Sep. 30, 2016, compared with $6,801.46 million or 71.56 percent of total deposits on Sep. 30, 2015.
Investments stood at $1,462.57 million as on Sep. 30, 2016, up 18.27 percent or $225.97 million from year-ago. Shareholders equity stood at $2,028.68 million as on Sep. 30, 2016, up 18.65 percent or $318.84 million from year-ago.
Return on average assets moved up 5 basis points to 1.17 percent in the quarter from 1.12 percent in the last year period. At the same time, return on average equity decreased 4 basis points to 8.10 percent in the quarter from 8.14 percent in the last year period.
Book value per share was $26.54 for the quarter, up 7.97 percent or $1.96 compared to $24.58 for the same period last year.
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