The New York Community Bank (NYCB), which previously took over the non-encrypted cryptocurrency-related deposits of Signature Bank (now closed), saw a sharp decline of 42% in its stock price at the opening today due to lower-than-expected profits and a significant reduction in dividends after the release of its financial report.
According to data from FactSet, the bank reported a loss of $0.36 per share in the fourth quarter, which is lower than the analysts’ expected earnings of $0.27 per share. Additionally, NYCB also lowered its quarterly dividend to $0.05 per share, a decrease of about 71% compared to the previous quarter.
President and CEO Thomas Cangemi stated in a statement:
“It is worth mentioning that the price of Bitcoin reversed its daytime decline and quickly rebounded above $43,000 after the opening of the US stock market.”
