April 16, 2015
People’s United profits up 11 percent
Bridgeport lender People’s United Financial said its first-quarter profits grew 11 percent on contributions from both interest and fees.
The bank parent reported net income of $59.2 million, or 20 cents a share, up from $53.1 million, or 18 cents in the first quarter of 2013.
People’s United’s total loan portfolio grew 9.3 percent, to $26.93 billion over the year. Commercial loans led much of that growth. People’s ended the March 31 quarter with $27.15 billion in deposits, up from $23.67 billion a year ago.
The company’s interest income grew 1.9 percent, to $260.3 million, while noninterest income grew 11 percent, to $89 million.
Growth drivers in the latter category included commercial bank lending fees and customer interest rate swaps.
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