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Record Income for Banknorth
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Business New Haven
10/28/2002
By: BNH
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PORTLAND - Banknorth Group Inc. (NASDAQ: BKNG) has announced record quarterly net income of $76.9 million, or 51 cents per diluted share, for its three months ended September 30, up 24 percent from net income of $62.2 million (45 cents per diluted share) for the same quarter a year ago. Exclusive of special charges, third quarter earnings were $78.3 million, or 52 cents per diluted share, up 26 percent from $62.2 million (45 cents per diluted per share) for the year-ago period.
For the first nine months of 2002, net income was $221.5 million, or $1.48 per diluted share, an increase of 25 percent from $177.2 million ($1.27 per diluted share) for the first nine months of 2001. Exclusive of special charges, income for the first nine months of the year was $228.9 million ($1.53 per diluted share), up 26 percent from $181.1 million ($1.30 per share) for the first three quarters of 2001.
Banknorth also announced today that it will move to the New York Stock Exchange on November 4, where its common stock will trade under the symbol BNK.
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