New York Community Bancorp Slips After Profit Misses Analysts' View

New York Community Bancorp, Inc. (NYCB) shares are down more than 9% on Wednesday morning after the company's third-quarter earnings missed analysts' view.

The company reported net income of $140 million or $0.30 per share in the third quarter compared with $107 million or $0.23 per share in the comparable quarter last year. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share.

Net interest income was $318 million compared with $282 million a year ago. Non-interest income was $15 million versus $14 million last year.

Revenue for the quarter came in at $333 million compared with $296 million last year. The consensus estimate was for $331.72 million.

New York Community Bancorp said recovery of credit losses was $1 million in the quarter compared to a provision on credit losses of $13 million last year.

NYCB, currently at $12.65, has traded in the range of $7.72- $14.33 in the last one year.

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