July 25 (Reuters) - New York Community Bancorp Inc posted a better-than-expected profit, helped by growth in mortgage income.
Mortgage banking income at the regional bank grew five-fold to $58.3 million.
“Our earnings rose as loan demand grew in our traditional market - multi-family lending - and in the nationwide market for one-to-four family loans served by our mortgage bank,” Chief Executive Joseph Ficalora said in a statement.
Multifamily loans are mainly provided to developers or investors to purchase apartment buildings or condominium complexes.
Net income rose to $131.2 million, or 30 cents per share, for the second quarter, from $119.5 million, or 27 cents per share, a year earlier.
New York Community posted operating income of 30 cents per share.
Analysts on average expected New York Community to earn 27 cents per share, according to Thomson Reuters I/B/E/S.
Net interest income fell about 2 percent to $296.7 million.
New York Community’s shares were up slightly before the bell. They had closed at $12.36 on Tuesday on the New York Stock Exchange. (Reporting by Eileen Anupa Soreng in Bangalore; Editing by Supriya Kurane)