Washington Federal, Inc. (WAFD) has reported a 0.83 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $42.07 million, or $0.47 a share in the quarter, compared with $41.72 million, or $0.45 a share for the same period last year.
Revenue during the quarter went up marginally by 0.77 percent to $119.46 million from $118.55 million in the previous year period. Net interest income for the quarter rose 1.32 percent over the prior year period to $107.73 million. Non-interest income for the quarter fell 5.53 percent over the last year period to $10.14 million.
Washington Federal, Inc. has made negative provision of $1.60 million for loan losses during the quarter, compared with a negative provision of $1.50 million in the same period last year.
Net interest margin contracted 1 basis points to 3.15 percent in the quarter from 3.16 percent in the last year period. Efficiency ratio for the quarter improved to 48.76 percent from 50.60 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
President and chief executive officer Brent Beardall commented, "Washington Federal had a strong quarter and is positioned well for future growth. Operating metrics improved as we benefited from continued strong macro economic factors in our key markets. The Company had loan originations of $944 million during the quarter, a 24% increase from the prior year. Commercial loans represented two-thirds of total originations for the quarter. As announced earlier this week, we have entered into a merger agreement with Anchor Bancorp. This transaction will enhance our presence in southwestern Washington and is expected to be immediately accretive to tangible book value per share as well as accretive to earnings per share once fully integrated. It is important to recognize a milestone event that will occur on Monday April 24, 2017. That date marks the centennial anniversary for Washington Federal. look forward with optimism to the next 100 years as we strive to fulfill the changing needs of our clients while staying true to the values that made us who we are today."
Investments stood at $3,108.98 million as on Mar. 31, 2017. Shareholders equity was at $2,014.76 million as on Mar. 31, 2017.
Return on average assets moved down 1 basis points to 1.13 percent in the quarter from 1.14 percent in the last year period. At the same time, return on average equity decreased 14 basis points to 8.37 percent in the quarter from 8.51 percent in the last year period.
Average equity to average assets ratio was 13.47 percent for the quarter.
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