Doral reports $4.5M 2Q net income
Doral Financial, the holding company of Doral Bank and Doral Bank FSB, reported net income of $4.5 million for the quarter ended June 30, 2011, compared to $3.3 million for the quarter ended March 31, 2011.
“Our second consecutive profitable quarter is a consequence of improving fundamentals. We increased revenues, reduced non-performing assets and strengthened our capital position by selling non-strategic assets at a gain. Our focus continues to be in repositioning our portfolios and sustaining our profitability,” said Glen Wakeman, CEO of Doral Financial Corporation.
Among the company’s second quarter highlights are: reduced interest expense by $5.2 million resulting in an increase in net interest income to $45.5 million; a net gain of $11.7 million from the sale of $679.2 million of non-strategic securities; a drop in non-performing assets by $33.4 million; Tier 1 Leverage Ratio improved to 9.07 percent; and, the book value per share increased to $4.02.
Doral will be hosting an earnings call at 10 a.m. Monday.