Banner Health sees annual net income more than double

Banner Health, a 28-hospital, nonprofit system based in Phoenix, saw its financial picture significantly improve in 2017, according to recently released bondholder documents.

Banner reported revenues of $7.8 billion in 2017, up 2.6 percent from revenues of $7.6 billion in 2016. The system saw net patient service revenue and premium revenue rise in 2017.

Higher expenses offset some of Banner's revenue gains last year. The system said expenses grew 1.2 percent year over year to $7.6 billion in 2017.

Banner ended 2017 with operating income of $268.9 million, up 71.2 percent from operating income of $157 million in the year prior.

After factoring in improved investment returns, Banner reported net income of $709 million, up from $268.8 million in 2016.

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