NY Community Bancorp Q2 net loss of $333m due to increased loan loss provisions.
New York Community Bancorp (NYCB) reported a Q2 net loss of $333m, or $1.14 per share, due to increased loan loss provisions and a review of loans linked to commercial real estate and multifamily properties. Its adjusted EPS fell short of estimates, while loan loss provision increased to $390m. The bank plans to simplify its business model by selling its residential mortgage servicing business to Mr. Cooper for $1.4bn.
July 25, 2024
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