Doral widens Q3 losses by 59% to US$30.2mn on provisions

Thursday, November 10, 2011

Puerto Rico's Doral Financial Corporation (NYSE: DRL) posted a US$30.2mn Q3 loss, 59% worse than in the same period in 2010, as higher provisions offset positive core trends, according to the company's latest earnings release.

"This quarter we improved net interest margin, stabilized asset quality and further increased our credit provisions primarily related to legacy impaired loans, which resulted in a significant increase in our credit coverage ratios," company president and CEO Glen Wakeman said.

"Moving forward, we will continue to strengthen our mortgage and retail banking franchise in Puerto Rico, while diversifying our business by reducing our low margin, non-core securities and investing in high margin US assets," he said.

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To read Doral's full earnings release, go to this link