Wednesday, August 23, 2000

Provident expecting drop in earnings/share

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By Jeff McKinney
The Cincinnati Enquirer

        Provident Financial Group Inc. expects that share earnings for this year will be lower than projected because of an accounting change the Cincinnati banking company adopted Tuesday.

        The parent of Provident Bank now anticipates 2000 operating profit of $2.65 a share, compared with $3.60, based on again-on-sale accounting the company uses to securitize loans.

        Chief Financial Officer Christopher J. Carey said the change will cause Provident's quarterly earnings to be lower during the next several quarters until the company completes the transition.

        Provident executives are hopeful the shift will build Wall Street confidence in the bank, and thus, reward the $11 billon asset banking company with a higher stock valuation in the long term.

       

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