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CORRECTED - CORRECTED-(April 22)-UPDATE 1-TCF Financial Q1 profit rises, sha
April 23, 2010 / 3:18 PM / 8 years ago

CORRECTED - CORRECTED-(April 22)-UPDATE 1-TCF Financial Q1 profit rises, sha

(In April 22 story, corrects paragraph 1 to say that the company beat market expectations, not met. Also corrects analysts’ profit estimate in paragraph 4 to 11 cents, from 26 cents)

* Q1 EPS $0.26; net interest income up 20 pct

* Provisions for loan losses rise 15.5 pct

* Net charge off rise 27.5 pct from last yr

* Sees improvement in consumer spending

* Shares rise 9 pct

April 22 (Reuters) - TCF Financial Corp’s TCB.N quarterly profit rose 27 percent and beat analyst estimates, helped by an increase in net interest income, sending its shares up 9 percent to a year-high.

The company said it is seeing an improvement in consumer spending activity in the markets it serves as evidenced by an increase in its card revenue.

For the first quarter, the company earned $33.9 million, or 26 cents a share, compared with $26.6 million, or 17 cents a share, last year.

Analysts on average expected a profit of 11 cents a share, before items, according to Thomson Reuters I/B/E/S.

The Wayzata, Minnesota-based lender said net interest income rose more than 20 percent to $174.7 million.

Provision for credit losses rose 15.5 percent to $50.5 million. Net charge-offs increased 27.5 percent to $44.5 million, but fell 9 percent sequentially.

Shares of the company were up $1.31 at $17.66 in morning trade. They touched a high of $17.83 earlier. (Reporting by Archana Shankar in Bangalore; Editing by Gopakumar Warrier)

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