BUZZ-ConnectOne Bancorp jumps after Q4 profit tops expectations

Reuters
01-31
BUZZ-ConnectOne Bancorp jumps after Q4 profit tops expectations

** Shares of regional lender ConnectOne Bancorp CNOB.O jump 7.2% to $25.54

** CNOB posts Q4 adj. profit of 52 cents/shr, beating Wall Street expectations of 43 cents/shr, according to data compiled by LSEG

** Q4 net interest income rose 4.7% to $64.7 mln, ahead of estimates of $63.9 mln

** Net interest margin - a key measure of banking profitability - improved to 2.86% in Q4, from 2.71% a year earlier

** Monetary policy easing by the U.S. Federal Reserve has lowered pressure on regional banks, as they shell out lesser on deposit costs

** CNOB stock ended flat in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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