First Niagara Financial Group Post Profit In Q3

(RTTNews) - First Niagara Financial Group, Inc. (FNFG) Friday reported a profit of $52.9 million compared to a hefty loss of $927.6 million in the previous year. On a per share basis, the company posted a profit of $0.15, in comparison with a loss of $2.65 per share last year.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.15 per share. Analysts figures usually exclude special items.

Net interest income for the quarter declined to $263.5 million from $273.3 million a year ago. Non-interest income improved to $83.4 million from $75.4 million last year. Wall Street was looking for revenue of $353.75 million.

The company posted a provision for credit losses of $19.8 million, while in the prior year the provision was $16.7 million.