New York Community Bancorp Inc (NYB.N), one of the largest U.S. savings and loans bank, posted a 70 percent rise in quarterly profit, helped primarily by a growth in net interest income.
The Westbury, New York-based company earned $98.6 million, or 28 cents a share for the third quarter, compared with $58.1 million, or 17 cents a share, a year back.
On an operating basis, the company earned 26 cents a share, while cash earnings for the period was 33 cents a share.
The company, which specializes in loans for multifamily housing, mainly secured by rent-regulated properties, said net interest income for the period rose more than 24 percent to $226.4 million.
Provision for loan losses, however, rose 25 percent sequentially to $15 million.
Shares of the company were up slightly at $11.15 before the bell. They closed at $11 Tuesday on the New York Stock Exchange.