STAMFORD, Conn. (AP) — STAMFORD, Conn. (AP) — Webster Financial Corp. (WBS) on Friday reported fourth-quarter profit of $177.8 million.
The bank, based in Stamford, Connecticut, said it had earnings of $1.01 per share. Earnings, adjusted for non-recurring costs and pretax expenses, came to $1.43 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.
The holding company for Webster Bank posted revenue of $1.05 billion in the period. Its revenue net of interest expense was $661 million, which missed Street forecasts. Five analysts surveyed by Zacks expected $685.9 million.
For the year, the company reported profit of $768.7 million, or $4.37 per share. Revenue was reported as $2.59 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WBS at https://www.zacks.com/ap/WBS
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