Reuters logo
UPDATE 1-Valley National Bancorp Q2 profit tops Wall Street
July 16, 2008 / 11:41 AM / 9 years ago

UPDATE 1-Valley National Bancorp Q2 profit tops Wall Street

(Recasts; adds details)

July 16 (Reuters) - 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 dividend.

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 Rajan)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below