Steward Bank recorded $30.1 million operating income for the year ending February 2017 compared to $24.3 million the previous year which is a 24% growth.
The increase has been driven by a rise in transactional volumes that resulted in a 49 percent increase in non-funded income to $28 million from $19 million in the prior year, the bank said yesterday. Steward also recorded $8.4 million before tax, a 36 percent growth from the $6.2 million reported last year. Total deposits also grew by 56% to $144.6 million from $92.6 million. Loan and advances to customers declined by 6.6% to $52.6 million from $56.3 million. The bank’s liquidity ratio of 81 percent was more than double the minimum regulatory ratio of 30 percent.