UPDATE 1-BOK Financial Q2 profit beats market expectations

Wed Jul 29, 2009 2:13pm BST
 
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* Q2 EPS $0.77 beat estimate of $0.62

* Provision for credit losses fall 20 pct

* Total fees and commissions almost doubles

July 29 (Reuters) - BOK Financial Corp (BOKF.O) posted a second-quarter profit, beating market expectations, helped by an increase in net interest revenue and fee revenue, as well as a reduction in provision for credit losses.

For the second quarter, the company earned $52.1 million, or 77 cents a share, compared with a loss of $1.2 million, or 2 cents a share, a year ago.

Analysts, on average, were expecting second-quarter earnings of 62 cents a share, excluding items, according to Reuters Estimates.

Net interest revenue rose about 11 percent to $175.6 million, while total fee revenue almost doubled to $123.1 million.

Provision for credit losses fell about 21 percent to $47.1 million.

Shares of the company closed at $40.02 Tuesday on Nasdaq. (Reporting by Sakthi Prasad in Bangalore; Editing by Jarshad Kakkrakandy)

 

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