CapitalSource Profit Rises, Tops Estimates

(RTTNews) - CapitalSource Inc. (CSE) Wednesday reported third-quarter net income of $48 million or $0.24 per share, compared with $31 million or $0.14 per share last year.

Results for the recent quarter included a tax benefit of $12 million or $0.06 per share, excluding which, earnings would have been $36 million or $0.18 per share.

On average, eight analysts polled by Thomson Reuters estimated earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.

"Key indicators of growth and profitability at CapitalSource Bank - including net interest income, net interest margin, return on assets and credit performance - each improved in the quarter," said CEO Tad Lowrey.

Net interest income for the quarter fell to $94 million from $95.7 million last year. Analysts estimated net interest income of $92.53 million.

Non interest income for the quarter climbed to $15.7 million from $9 million a year ago.

Loan and lease loss recovery for the quarter totaled $1 million, while the prior-year quarter had a provision of about $9 million.

Operating expenses for the quarter were lower at $40 million, compared with $42 million in the prior year.