New York Community Bancorp shares dive 37% with net loss

February 1, 2024, 7:42 pm

ISTANBUL – New York Community Bancorp saw its stock price plummet 37.67 percent on Wednesday due to a net loss in the final quarter of 2023.

Net loss available to common stockholders was USD260 million in the fourth quarter of last year, compared to net income available to common stockholders of USD199 million in the third of quarter 2023, the bank said in its financial results statement.

"At Dec. 31, 2023, the allowance for credit losses was USD992 million compared to USD619 million at Sept. 30, 2023," it added.

President and CEO Thomas Cangemi said the bank built its reserve levels by recording a USD552 million provision for loan losses.

New York Community Bancorp in March 2023 acquired USD38.4 billion worth of assets from liquidated Signature Bank in a USD2.7 billion deal. (Anadolu)