PrivateBancorp, Inc.(PVTB) Thursday said its third-quarter profit increased with a rise in net interest margin. Profit also topped analysts' expectations.
Net profit increased to $40.53 million or $0.51 per share, compared with $33.06 million or $0.42 per share last year.
Analysts polled by Thomson-Reuters, on an average, estimated earnings of $0.48. Analysts' estimates typically exclude one-time items.
The company's net interest income increased to $116.76 million from $105.84 million in the previous year. Net interest margin improved to 3.23 percent from 3.18 percent a year earlier.
Loans advanced by PVTB increased 11 percent year-over-year.
PVTB's total deposits grew 9 percent to $12.8 billion. Its efficiency ratio rose to 52.5 percent for the third quarter from 53 percent in the previous year.
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