FX.co ★ BankUnited Q2 Profit Declines, But Beats Estimates; Stock Up In Pre-Market

BankUnited, Inc. (BKU) announced that for the second quarter it achieved a net income of $53.73 million, equivalent to $0.72 per share. This figure represents a decline compared to the $58.0 million or $0.78 per share reported in the same quarter of the previous year, primarily due to increased non-interest expenses. Nevertheless, the earnings surpassed analysts' expectations.

On average, twelve analysts had projected the company's earnings to be $0.65 per share for the quarter. It is notable that analysts’ forecasts typically exclude special items.

The latest quarterly non-interest expenses rose to $157.71 million from the $145.22 million reported in the previous year.

Meanwhile, the total interest income increased to $483.3 million from last year's $463.42 million. Net interest income before accounting for credit loss provisions reached $226.02 million, up from $213.88 million a year earlier.

The provision for credit losses also saw an increase, rising to $19.54 million from $15.52 million the year prior. Conversely, non-interest income declined to $24.19 million, down from $25.49 million a year ago.

In pre-market trading, BankUnited’s stock saw an upward movement of over 3 percent. It had closed at $34.66, marking a 1.05 percent increase on Wednesday. Over the past year, the stock has fluctuated between $20.84 and $35.31.