Stock Track | New York Community Bank Plunges on $280M Q3 Loss as CRE Struggles Persist

Stock Track

Oct 25, 2024

New York Community Bancorp (NYCB) shares plummeted in pre-market trading on Friday after the regional lender reported a steep $280 million loss for the third quarter, weighed down by higher provisions to cover potential loan losses in its troubled commercial real estate (CRE) portfolio.

The quarterly loss of $0.79 per diluted share marked a sharp reversal from a profit of $199 million or $0.81 per share in the year-ago period. It also fell well short of analyst expectations of a $0.40 per share loss, sending NYCB's stock down over 6% in early trading.

The company's provisions for credit losses surged to $242 million in Q3, nearly quadrupling from $62 million a year earlier. NYCB cited rising delinquencies in the office sector resulting from the pandemic's impact on commercial real estate as a key driver behind the elevated provisioning.

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It also fell well short of analyst expectations of a $0.40 per share loss, sending NYCB's stock down over 6% in early trading.</p>\n\n<p>The company's provisions for credit losses surged to $242 million in Q3, nearly quadrupling from $62 million a year earlier. NYCB cited rising delinquencies in the office sector resulting from the pandemic's impact on commercial real estate as a key driver behind the elevated provisioning.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"","article_id":"1189380632","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1189380632","pubTimestamp":1729857755,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"New York Community Bancorp  shares plummeted in pre-market trading on Friday after the regional lender reported a steep $280 million loss for the third quarter, weighed down by higher provisions to cover potential loan losses in its troubled commercial real estate  portfolio.The quarterly loss of $0.79 per diluted share marked a sharp reversal from a profit of $199 million or $0.81 per share in the year-ago period. 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