|
|
|
People’s Takes Credit-Card Hit
|
Business New Haven
10/29/2001
By: BNH
|
BRIDGEPORT - People's Bank (NASDAQ: PBCT), a $13 billion announced income before extraordinary items of $21.1 million, or 34 cents per share, and net income of $12.2 million, (20 cents per share) for the third quarter, down from net income of $26.2 million (43 cents per share) for the same period a year ago.
People's directors declared a 34-cent-per-share quarterly dividend on common stock, payable November 15 to stockholders of record on November 1. People's Mutual Holdings, which owns 36.5 million shares of People's common stock, will accept $550,000 in dividends on its shares. Based on the closing stock price on October 17, the dividend yield on People's common stock is now 6.0 percent.
“Lower earnings for the quarter were primarily the result of weakness in credit-card services and our capital-markets area. While these businesses continue to be under pressure, our Connecticut franchise remained strong,” said John A. Klein, People's president and chief executive officer. The bank's credit-card services division realized a net loss of approximately $11 million for the quarter.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
