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New York Community Bancorp Climbs 7% On Higher Q2 Profit Better Than Estimates

Shares of New York Community Bancorp, Inc. (NYCB) are gaining more than 7 percent on Wednesday morning trade after the company reported 13 percent increase in profit for the second quarter, that beat estimates.

Net profit for the quarter increased to $163 million from $144 million in the prior year. On a per share basis, earnings were $0.34, up from $0.30 in the previous year.

On an adjusted basis, earnings were $166 million or $0.35 per share. Analysts were looking for $0.32 per share.

Total revenues for the quarter were $377 million, up from $347 million in the previous year.

Currently, shares are at $10.05, up 7.03 percent from the previous close of $9.39 on a volume of 3,944,237.

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