Hudson City Bancorp’s net income up 14 percent

0 Comments | Philadelphia Inquirer, The, July, 2006 | by INQUIRER STAFF

Hudson City Bancorp Inc. said today its net income rose 14 percent in the second quarter compared with the same quarter last year.

The Paramus, N.J., bank holding company reported net income of $73.2 million, or 13 cents per diluted share, in the quarter ended June 30. In the year-ago period, net income was $64.3 million, or 11 cents per diluted share.

The bank was expected to earn 14 cents a share in this year's quarter, according to a survey of analysts as measured by Thomson First Call. Banks are facing profit-margin pressures from rising short-term interest rates. The Federal Reserve has boosted the overnight lending rate to 5.25 percent from 1 percent over the last two years.

Hudson City's 109 branches include five in South Jersey.

The company...