By Denny Jacob
Webster Financial posted a slight decline in profit in its latest quarter, making it an outlier among banks in recent days that have largely posted year-over-year growth.
The holding company for Webster Bank logged net income of $177.8 million, or $1.01 a share, compared with $185.4 million, or $1.05 a share, a year earlier.
Stripping out certain one-time items, earnings came in at $1.43 a share. Analysts polled by FactSet expected $1.35 a share.
Net interest income rose to $608.5 million from $571 million.
Revenue came in at $661 million, according to the Stanford, Conn.-based firm. Analysts expected $687.6 million.
The provision for credit losses was $63.5 million in the quarter compared with $36 million a year earlier.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 17, 2025 07:54 ET (12:54 GMT)
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