United Bankshares Q2 Profit Down, Yet Beats Estimates

(RTTNews) - United Bankshares, Inc. (UBSI) Thursday reported a decline in second-quarter earnings, despite an increase in net interest income compared to the previous year.

The company reported quarterly net income of $92.46 million, down from $95.62 million in the prior year. On a per-share basis, earnings were $0.68 per share, lower than $0.71 per share a year ago. On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.66 per share. Analysts estimates usually exclude special items.

Net interest income was $227.461, compared t$214.90 million in the prior year. Non-interest income was $35.18 million, lower than $43.61 million a year ago. Wall Street was looking for $260.68 million.