SCBT Financial gains 9% as Q2 profit rises

SCBT Financial Corporation (Nasdaq:SCBT) is up 9% today after it reported after Tuesday’s close that its profit had grown in the second quarter. For the quarter ended June 30, the company reported net income of $6.1 million, or $0.60 per share, compared with $5.6 million, or $0.60 per share, for the same quarter a year ago. The Columbia, S.C.-based company said it expects strong growth throughout the second half of 2008.

“The problems seen at some other banks are not issues for SCBT,” said CEO Robert Hill Jr. in a statement. “Many of the troubled banks are one-product companies that focused on risky types of mortgage lending. We never participated in sub prime lending, and we are a well diversified bank. This company was founded during the depression, and safety and soundness has been a hallmark strength for over 74 years.”

In today’s trading, shares are at $28.99 at 10:43 a.m. ET, up $2.53 from Tuesday’s close. During the past year, shares have ranged from $26.25 to $37.65.

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