People's United Financial Q1 Profit Rises

(RTTNews) - People's United Financial Inc. (PBCT) Wednesday reported first-quarter net income of $53.1 million or $0.18 per share, up from $52.5 million or $0.16 per share last year.

Analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.

Operating earnings were $56.5 million or $0.19 per share for the first quarter, down from $57.9 million or $0.18 per share last year.

Net interest income for the quarter rose to $227.1 million from $219.3 million last year. Non-interest income dropped to $79.9 million from $84.9 million last year. Analysts estimated revenues of $312.98 million for the quarter.

People's United Financial's board voted to increase the common stock dividend to an annual rate of $0.66 per share. The quarterly dividend of $0.165 per share is payable May 15 to shareholders of record on May 1.