Phoenix-based Banner Health's financial picture improved in the first nine months of 2017, according to recently released bondholder documents.
Banner reported revenues of $5.84 billion in the first nine months of this year, up 2.7 percent from revenues of $5.68 billion in the same period of 2016.
However, higher expenses restricted the system's revenue gains. Banner said its expenses grew 2.4 percent year over year to $5.65 billion in the first nine months of this year.
The system ended the first nine months of 2017 with operating income of $191.2 million, up 12.1 percent from $170.5 million in the same period of 2016.
After factoring in the combined effect of improved investment returns and favorable interest rate swaps, Banner reported net income of $500.4 million in the first nine months of this year. That's compared to the same period of 2016, when the system posted net income of $182.5 million.
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