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July 16 Valley National Bancorp (VLY.N), the
holding company of Valley National Bank, reported a
second-quarter profit well above Wall Street's estimates,
helped by a 7 percent increase in net interest income and
growth in its loan portfolio.
The company earned $41.5 million, or 33 cents a share,
compared with $39.7 million, or 31 cents a share, a year ago.
Latest quarter results are adjusted for a five percent stock
Analysts had expected earnings of 25 cents a share,
excluding items, according to Reuters Estimates.
Net interest income, on a fully taxable equivalent basis,
rose $6.5 million to $103.9 million, while total loans
increased more than 17 percent on an annualised basis, to $9
billion, at June 30.
The Wayne, New Jersey-based Valley National said net
interest margin -- a measure of profitability of a bank -- rose
slightly to 3.48 percent in the quarter.
Shares of Valley national closed at $14.44 on the New York
Stock Exchange on Tuesday.
(Reporting by Anurag Kotoky in Bangalore; Editing by Amitha