Webster Bank’s wealth management division has reported an income of US$8.9 million for the second quarter ended 30 June 2013, a 23% increase compared to US$7.2 million for the same period of 2012.
Jerry Plush, president and COO of Webster, said: "Stronger core non-interest income this quarter included record results from our Webster Investment Services division, which posted US$6.4 million in fee income. Higher revenue, along with lower non interest expense, contributed to a positive operating leverage of 6.6% versus prior year."
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Overall, Webster Financial, the bank’s holding company, has reported a net income of US$43.7 million, or US$0.48 per diluted share, for the second quarter of 2013, compared to US$40.6 million, or US$0.44 per diluted share, for the corresponding period of 2012.
James Smith, chairman and CEO of Webster, said: "Webster delivered another solid quarterly performance, marked by higher loan originations, strong revenue growth, further gains in operating efficiency and improved asset quality.
"Core revenue growth exceeded 5% as net interest income reached its highest level ever, and expenses declined year over year. Looking ahead, our loan pipeline remains strong and is a positive indicator for the region’s economic prospects."
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