Reported about 1 month ago
New York Community Bancorp (NYCB) has delayed its profitability goal to 2026 after reporting a fourth consecutive quarterly loss, primarily due to its exposure to commercial real estate (CRE). The bank's management has announced a series of measures, including workforce reductions and asset sales, to manage rising loan-loss provisions and enhance its financial position. Despite efforts to address the challenges, including a significant jump in charge-offs and a hefty drop in net interest income, NYCB now anticipates a loss of 30 to 35 cents per share in 2025, down from its earlier projection of breakeven.
Source: YAHOO