TITLE

Banks see profit in rounding

AUTHOR(S)
ELSTEIN, AARON
PUB. DATE
April 2012
SOURCE
Crain's New York Business;4/30/2012, Vol. 28 Issue 18, p0001
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article discusses the response of a number of small and medium-size banks in New York to profitability problems due to reduced interest rates and sluggish loan demand. It looks into the case of Astoria Financial Corp. which divided its nearly 10 million dollars in quarterly earnings by the number of its shares to improve their per-share profit number. It also talks about the decision of the bank, as well as other financial institutions in the state, to use rounding to improve their earnings.
ACCESSION #
75057346

 

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