Rochester, NY 8/11/2009 3:09:04 AM
DORAL FINANCIAL DRL, Reports Net Income of $8.2 Million
Doral Financial Corp.
Doral Financial Corp. which is the holding company for Puerto Rico Doral Bank, announced their Quarterly report ending June 30th, with net income of $8.2 million, up substantially from the $1.6 million in 2008 (same period).
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They also completing preferred stock conversions, strengthening its capital position by increasing tangible common equity by $100.6 million.
"As we report earnings, we are seeing the results of the prudent decisions we've made during the past two years. Doral is stronger today because we addressed the weaknesses in the housing market, reduced the exposure in construction, and continued to lower our operating costs," said Glen R. Wakeman, President and CEO of Doral Financial Corporation.
"Even though we are operating in a deteriorating economic environment, we have made solid progress in our key fundamentals as we opened thousands of new accounts, improved compliance and controllership and continue to assist homeowners through our loss mitigation programs while improving the quality of life in our communities."
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