The parent of People’s United Bank posted higher third-quarter net profit as a result of strong loan growth for the Bridgeport regional lender.
For three months ended Sept. 30, People’s United Financial Inc. netted $61.6 million, or 21 cents a share, up from $58.5 million, or 19 cents a share, netted the same quarter in 2013.
People’s United’s board of director set a 16 ½-cents-a-share dividend to be paid Nov. 15 to common stockholders on record by Nov. 1.
“This quarter’s performance reflects annualized loan growth of 8 percent and organic deposit growth of 5 percent, driven by ongoing strategic investments in people, products and services …,” President and CEO Jack Barnes said.
People’s ended the quarter with $34.2 billion in assets vs. $31.2 billion a year ago.