BankUnited Q3 Profit Slips On Higher Credit Losses, Misses Street View; Stock Down In Pre-market

(RTTNews) - BankUnited, Inc. (BKU), a bank holding company, on Thursday reported a decline in net income for the third-quarter of 2023, reflecting an increase in the provision for credit losses.

Following the news, BKU was trading down by 3.02 percent at $21.51 per share in the pre-market trade on the New York Stock Exchange.

For the three-month period to September 30, the lender registered a profit of $46.981 million or $0.63 per share, lesser than $87.850 million or $1.12 per share, recorded for the same period of 2022.

On average, 11 analysts polled by Thomson Reuters had expected the firm to earn $0.72 per share, for the quarter. Analysts' estimates typically exclude special items.

Income before income taxes fell to $62.427 million from $117.083 million a year ago.

Total non-interest expense moved up to $147.090 million from last year's $138.105 million.

Total non-interest income was at $27.724 million, compared with $23.072 million of previous year.

Total interest income stood at $470.539 million, higher than $326.024 million a year ago.

Total interest expense surged to $255.697 million from last year's $90.188 million.

Provision for credit losses was $33.049 million, up from previous year's $3.720 million.