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(AFX UK Focus) 2006-08-04 12:28 GMT: Greater Bay Bancorp 2Q profit increases
EAST PALO ALTO, Calif. (AFX) - Greater Bay Bancorp, a financial services holding company, said Friday its second-quarter profit rose 11 percent on increased net interest income, topping Wall Street's estimate.
Net income grew to $25.1 million, or 46 cents per share, from $22.7 million, or 38 cents per share, in the year-ago period.
On average, analysts polled by Thomson Financial predicted earnings of 42 cents per share.
Net interest income, or earnings from interest accounts like loans and deposits, climbed to $65.8 million compared with $65.4 million last year on a $125.7 million increase in the average loan portfolio balance.
Non interest income, or cash made from mortgage loan service fees and other fees and charges, grew 5 percent to $56.8 million from $54.2 million due to a $1 million rise in insurance brokerage commissions and fees and a $2.2 million increase in other income.
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Genworth Reports Second Quarter Earnings; Increases 2006 Outlook
RICHMOND, Va., July 27 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. today reported second quarter 2006 net earnings of $317 million or $0.68 per diluted share, a 13 percent increase on a per share basis over the prior year period. Net operating earnings for the second quarter were $339 million, or $0.72 per diluted share, a 20 percent per share increase over the comparable prior year period. In the second quarter of 2005 net earnings and net operating earnings both were $285 million, or $0.60 per diluted share.
"We had an outstanding quarter with good organic growth, international expansion, in-force performance and disciplined redeployment of capital," said Michael D. Fraizer, chairman and chief executive officer. "This performance keeps us on track for around 11 percent total year operating return on equity and we are raising our full year net operating earnings outlook by 10 cents, to a range of $2.75 to $2.85 per share."
Quarterly Highlights
Genworth demonstrated solid progress across its new business growth and capital redeployment agendas.