April 19, 2012 | last updated June 1, 2012 1:59 pm

Flush from its 1Q, People's United hikes payout

People's United Financial Inc. boosted first-quarter profits on strong growth in lending, deposits and fees, prompting the Bridgeport regional lender to raise its dividend.

For three months ended March 31, People's netted $58.6 million, or 17 cents a share, up from $51.7 million, or 15 cents a share, netted the quarter a year ago.

The quarterly dividend of 16 cents a share - a 1.6 percent hike -- will be paid May 15 to common shareholders on record by May 1.

The thrift also disclosed spending $56 million to repurchase 4.5 million of its shares as part of its ongoing repurchase authorization for up to 13.5 million shares.

People's ended the first quarter with $27.8 billion in assets, up from $25 billion a year earlier.

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