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New York Community Bancorp posts first-quarter loss
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New York Community Bancorp posts first-quarter loss
May 1, 2024 4:38 AM

May 1 (Reuters) - New York Community Bancorp ( NYCB )

reported a loss for the first quarter on Wednesday, as the

commercial real estate-focused lender increased its loan-loss

provisions to cover possible defaults.

The bank posted a loss of $327 million, or 45 cents per

share, in the three months ended March 31. That compares with a

profit of $2.01 billion, or $2.87 per share, in the year-ago

period.

(Reporting by Niket Nishant and Manya Saini in Bengaluru;

Editing by Saumyadeb Chakrabarty)

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