UMB Financial in Kansas City, Mo., reported higher quarterly profit that reflected an increase in factoring and asset-based lending.
The $20.9 billion-asset company said in a press release Tuesday that its first-quarter earnings rose 29% from a year earlier to $56.8 million, or $1.14 a share.
Net interest income increased by 10% to $147.9 million. Total loans rose 7% by to $11.3 billion, includinga 49% increase in asset-based loans and a 50% spike in factoring loans.
Total deposits rose by 7% to $16.8 billion, and the net interest margin widened by 10 basis points to 3.19%.
The loan-loss provision increased by 11% to $10 million.
Noninterest income increased by 2.5% to $105.5 million, reflecting higher service charges, brokerage fees and bankcard fees.
Noninterest expense rose slight, to $176 million. Higher salaries, equipment costs and marketing expenses offset lower legal and consulting fees.
UMB’s efficiency ratio improved to 68.82% from 72.55% a year earlier.
