UPDATE 1-Signature Bank Q2 profit beats Wall Street view

* Q2 EPS $0.54 vs est $0.51

* Deposits rise 7 pct to $8.47 bln

* Q2 net interest income jumps 34 pct to $81.1 mln

July 27 (BestGrowthStock) – Signature Bank (SBNY.O: ) posted a
better-than-expected quarterly profit, driven by growth in core
deposits and loans.

For the second quarter ended June 30, the company reported
net income of $22.3 million, or 54 cents a share, compared with
$12 million, or 32 cents a share, a year ago.

Analysts on average were expecting earnings of 51 cents a
share, excluding items, according to Thomson Reuters I/B/E/S.

The company reported a 7 percent growth in core deposits
and a 4 percent rise in total loans.

Shares of the New York-based company closed at $39.50
Monday on Nasdaq.

Stocks

(Reporting by Swati Chitnis in Bangalore; Editing by Vinu
Pilakkott)

UPDATE 1-Signature Bank Q2 profit beats Wall Street view