BankingFinancial District

Doral reports $4.5M 2Q net income

Doral Bank reports positive 2Q results Thursday. (Credit: © Mauricio Pascual)

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.

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Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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