New York Community Bancorp Inc. Q2 Profit Increases, beats estimates

(RTTNews) - New York Community Bancorp Inc. (NYCB) reported a profit for its second quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $405 million, or $0.55 per share. This compares with $163 million, or $0.34 per share, in last year's second quarter.

Excluding items, New York Community Bancorp Inc. reported adjusted earnings of $345 million or $0.47 per share for the period.

Analysts on average had expected the company to earn $0.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 218.3% to $1.20 billion from $377 million last year.

New York Community Bancorp Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $405 Mln. vs. $163 Mln. last year. -EPS (Q2): $0.55 vs. $0.34 last year. -Analyst Estimate: $0.31 -Revenue (Q2): $1.20 Bln vs. $377 Mln last year.