Profits at People's United Grow 14% in First Quarter [The Motley Fool]
People's United Financial, Inc. (PBCT)
Last people's united financial, inc. earnings: 4/23 04:01 pm
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Source: The Motley Fool
People's United Financial(NASDAQ:PBCTThe bank reported more than $0 million in net income in the first quarter on total revenue of $0 million, up % from the same period the year before, driven by both recent acquisitions and organic growth.Image source: Getty ImagesPeople's United increased its quarterly credit provision (cash banks set aside for future loan losses) nearly sixfold year over yearto account for expected losses"The company has always had a long-term view, predicated on a conservative underwriting philosophy, superior service, a diversified business mix and prudent liquidity and capital management, which has served it well through various operating environments," CEO and Chairman Jack Barnes said in a statement. "We are confident this strategy will once again show the strength of the franchise as it plays a critical role in supporting the financial health of individuals, businesses and communities throughout this crisis and beyond."The company noted that in the quarter it
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