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People’s Profits Down
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Business New Haven
10/30/2000
By: BNH
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BRIDGEPORT - People's Bank (NASDAQ: PBCT), a $13 billion financial services company, October 19 announced net income for its third quarter ending September 30 was $26.2 million, or 43 cents per share. This compares to $28.3 million or 46 cents per share for the third quarter of 1999.
While the bank's results reflect the impact of investment in new branch facilities and the early stages of its Credit Card Services return to profitability, managed operating revenues grew $21 million, or 11 percent compared to the third quarter of 1999.
However, the bank's net interest margin, at 4.63 percent, increased for the third consecutive quarter to its highest level in People's history.
Fueled by these developments, People's directors announced the 13th consecutive semi-annual dividend increase since 1993. The quarterly dividend on People's common stock is 32 cents per share, an increase of two cents per share.
“We continue to solidify our leadership position in Connecticut with retail and commercial customers,'' said John A. Klein, People's president and CEO. “The nine new branches we've opened so far this year are being well received by customers around the state, and these branches have generated $57 million in deposits, or $6.3 million per office.”
“With respect to the Credit Card Services division, the specific steps that we initiated earlier this year have begun to bear fruit, resulting in an improvement of more than $4 million in this division's earnings, compared to the second quarter of 2000,” said George W. Morriss, executive vice president and CFO.
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