Signature Bank (NASDAQ:SBNY) unfold its second quarter earnings results on Tuesday 21st July 2020 before market open.
The banking products and services provider, reported $ 2.21 income per share for the quarter, missed the consensus estimate of $ 2.24 income per share by $ 0.03 or 1.34 percent.
The quarterly earnings shrunk 18.45 percent compared with the same quarter last year.
The firm had revenue of $ 399.80 million for the quarter, compared to the consensus estimate of $ 389.14 million. The revenues outshined analysts estimates by $ 10.66 million or 2.74 percent.
The financial report showed revenues improved 20.14 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Signature Bank President and Chief Executive Officer Joseph J. DePaolo, commented, The best way to address the future COVID-19 economic uncertainty is by executing in the present. We are working tirelessly to assist our clients through these most difficult times. To this end, we have been rewarded by their dedication to our bankers and Signature Bank, which led to, by far, our greatest growth quarter ever. By controlling what we can amid this tumultuous environment – through a commitment to our single-point-of-contact model and ongoing execution of our diversification strategy – we believe we are well positioned to navigate this difficult landscape, and to ultimately excel.
