|
|
|
Webster Reports Rise in Earnings for Quarter, Year
|
Business New Haven
2/4/2002
By: BNH
|
WATERBURY - Webster Financial Corp. (NASDAQ: WBST), holding company for Webster Bank, reported a 20-percent increase in annual operating earnings for 2001. For the fourth quarter ended December 31, 2001, operating earnings also increased 20 percent over the same period a year before.
Operating earnings (net income excluding nonrecurring items) for the year rose to $137.7 million (or $2.77 per diluted share), compared to $114.8 million ($2.47 per diluted share) for 2000. For the fourth quarter, operating earnings rose to $35.4 million (71 cents per diluted share), compared to $29.4 million (60 cents per diluted share) in the year-ago period.
Net income for 2001 was $133.2 million ($2.68 per diluted share), compared to $118.3 million ($2.55) for the previous year. 2001 results include, net of taxes, net non-recurring charges of $4.5 million compared to net benefits of $3.5 million, in 2000.
The improvement in operating earnings was driven by increases in net interest income and growth in revenues from fee-based services, say bank officials. Net interest income in 2001 increased 13 percent compared to the previous year, due primarily to the benefits of a lower interest-rate environment. Revenue from fee-based services grew 30 percent over the previous year as a result of growth in fee-based businesses and expanded product offerings to a growing customer base.
Webster also declared a regular quarterly cash dividend of 17 cents per common share, payable on February 19 to shareholders of record on February 5. It is the 58th consecutive dividend since Webster first paid a dividend in 1987.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
