Meta Financial reports increase in profits
South Dakota-based Meta Financial Group Inc. reported profits of $8.9 million on total revenues of $43.7 million for the quarter that ended June 20. Revenues increased from $30 million in the same quarter last year and net income was up from $4.6 million. Profits for the first nine month of Meta Financial’s were $27.2 million compared with $13.4 million for the comparable prior year period. Average assets for the third quarter grew to $3 billion from $2.35 billion a year ago. Key measures of bank performance also improved. Return on average assets for the nine-month period was 1.23 percent, compared with 0.78 percent for the same period in fiscal 2015, and return on average equity 12.16 percent, compared with 9.07 percent. Meta Financial is the parent of MetaBank, which has branches in Greater Des Moines.