July 23--UMB -- Financial Corp.'s second quarter profit rose 15.8 percent as its assets under management and loans grew.
The Kansas City-based bank holding company for UMB Bank reported a profit of $34.7 million for the quarter that ended June 30, or 76 cents a share, up from $29.9 million, or 74 cents a share, a year earlier.
UMB's loan balances on June 30 totaled $6.9 billion, a 9.2 percent increase from a year earlier, driven by growth in commercial, commercial real estate and construction loans. Assets under management reached a record
$43.7 billion, a nearly 22 percent from a year earlier.
UMB is one of the largest banks in St. Louis, based on market share of deposits. "UMB Bank in St. Louis continues to produce some of the largest commercial loan volumes throughout the UMB footprint, reporting 10.2 percent year-over-year loan growth for Q2 2014 compared to Q2 2013,"Tom Chulick, chairman and CEO of UMB Bank in St. Louis, said in a statement.
Lisa Brown is a business reporter at the Post-Dispatch. Follow her on Twitter @LisaBrownSTL and the Business section @postdispatchbiz.
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