UMB Financial's Q1 Profit Rises 7.1%
UMB Financial Corporation (NASDAQ: UMBF) reported net income of $36.2 million, up 7.1 percent from $33.8 million in the same quarter last years. However, its earnings remained flat at $0.74 per share in both the period.
The company said that on a non-GAAP basis, net operating income for the first quarter of $38.6 million or $0.79 per share, up from $33.0 million or $0.73 per share in the first quarter of last year.
UMB's total revenue advanced 8.7 percent $234.24 million from $215.565 million in the previous year quarter. Street analysts expected the company to report earnings of $0.67 a share and revenue of $232.57 million.
UMB'S Chairman and CEO, Mariner Kemper, said "UMB began the year by posting another quarter of double-digit year-over-year loan growth and making good progress against our expense initiatives implemented in 2015. Total loan balances increased 29.4 percent from March 31, 2015 to March 31, 2016."
He continued, "Loans produced by legacy UMB lenders increased 16.0 percent during that period, once again outpacing industry averages. In addition, we recognized savings of $4.9 million in the first quarter related to our efficiency initiative. I am pleased with the results we've posted and look forward to our continued growth."
Shares of the company traded up by 1.5 percent on Tuesday.
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