Sterling Bancorp (STL), a New York-based bank serving small- and medium-size businesses, said second-quarter profit rose 8 percent on higher net interest margin.
Net income climbed to $4.17 million, or 23 cents a share, from $3.86 million, or 20 cents, in the same period a year earlier, the bank, founded in 1929, said in a statement.
Sterling Bancorp reported net interest margin of 4.49 percent, up from 4.35 percent in the same period a year ago. Net interest margin is the difference between what a bank pays on deposits and what it receives on loans and investments.
The bank's results ``sharply contrasts with the difficulties faced by many other financial institutions,'' Chief Executive Officer Louis Cappelli said in an interview. ``Business in the New York metropolitan area is still strong.''
Sterling Bancorp fell 78 cents, or 5.8 percent, to $12.71 at 4 p.m. in New York Stock Market composite trading. The shares have dropped 6.8 percent this year.
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