BankUnited Q2 Profit Declines, But Beats Estimates; Stock Up In Pre-Market

(RTTNews) - BankUnited, Inc. (BKU) Thursday reported net income of $53.73 million or $0.72 per share for the second quarter, lower than $58.0 million or $0.78 per share in the same quarter a year ago, that reflected higher non-interest expense. However, earnings beat the Street estimates.

On average, 12 analysts expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Non-interest expense was $157.71 million in the latest quarter compared with $145.22 million a year ago.

Total interest income grew to $483.3 million from $463.42 million in the previous year.

Net interest income before provision for credit losses was $226.02 million, up from $213.88 million a year ago.

Provision for credit losses increased to $19.54 million from $15.52 million last year.

Non-interest income totaled $24.19 million, down from $25.49 million a year ago.

BankUnited stock was up more than 3 percent in pre-market. It had closed at $34.66, up 1.05 percent on Wednesday. The stock has been trading in the range of $20.84 - $35.31 in the last 1 year.