November 12, 2007 / 5:06 PM / 11 years ago

UPDATE 1-Doral Financial posts wider Q3 loss, shares fall

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Nov 12 (Reuters) - Puerto Rico lender Doral Financial Corp’s DRL.N quarterly loss widened, hurt by a charge related to the sale of certain securities, sending shares down 4 percent. The company, which sold a 90 percent stake to a buyout group led by Bear Stearns Cos’ BSC.N private equity arm in July, reported net loss attributable to common shareholders of $70.5 million, or $1.59 per share, for the third quarter, compared with a net loss of $37 million, or $6.85 per share, a year ago. Doral said non-interest loss for the quarter shot up to $109.6 million from $1.5 million a year ago, due to a significant loss related to the sale of $1.9 billion in available-for-sale investment securities.

Net interest income was $39.4 million, down from $44.1 million a year ago. Provision for loan and lease losses was $5.1 million, compared with $10.1 million last year.

The company said it recognized an income tax benefit of $86.3 million in the latest quarter.

Shares of the company were down 70 cents at $16.27 in noon trade on the New York Stock Exchange. (Reporting by Manish Gupta in Bangalore; Editing by Deepak Kannan)

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