Webster Financial Corp. Swings To Profit In Q1, But Below View

(RTTNews) - Webster Financial Corporation (WBS) Thursday reported profit for the first quarter compared with loss last year helped by higher net interest income and lower provision for credit losses.

Net income was $216.84 million, or $1.24 per share, for the first quarter compared with a loss of $20.18 million, or $0.14 per share, for the year-ago quarter.

Excluding one-time items, earnings were $1.49 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $1.59 per share. Analysts' estimates typically exclude special items.

Net interest income increased to $595.28 million, from $394.25 million last year.

Quarterly revenue was $666.0 million. The consensus estimate was for $606.37 million.

Provision for credit losses declined to $46.7 million from $188.85 million a year ago.