Webster Financial Q2 Profit Rises

(RTTNews) - Bank holding company Webster Financial Corp.(WBS) on Thursday reported higher second quarter earnings, helped by more loan growth and a benefit in the provision for credit losses. The earnings came in above market expectations.

The company posted second-quarter net income of $91.6 million or $1.01 per share, higher than $50.7 million or $0.57 per share in the same period last year.

On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Total interest income, however, fell to $231.5 million from $252.3 million in the year-ago quarter. The company's net interest income also declined to $220.9 million from $224.4 million in the prior-year period.

Provision for credit losses saw a benefit of $21.5 million during the quarter, compared to an expense of $40.0 million a year ago.

Commenting on the results, John R Ciulla, Chairman and Chief Executive Officer, said, "We generated strong business performance in the quarter, led by loan growth of 3.2% excluding PPP and an increase in loan originations of $0.5 billion or 26%."