People's United Financial Profit Rises - Quick Facts

(RTTNews) - People's United Financial Inc (PBCT) Thursday reported second-quarter net income of $72 million or $0.24 per share, compared with $62 million or $0.20 per share last year.

Results for the recent quarter included after-tax gain of $13.4 million from the formation of a merchant services joint venture.

Excluding items, operating earnings were $59.9 million or $0.20 per share. Analysts polled by Thomson Reuters projected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter was $228.2 million, compared with $220.9 million in the prior year. Net interest margin declined to 3.13% from 3.33%.

Non interest income for the quarter was $100 million, compared with $88 million a year ago.

Analysts expected revenue of $314.8 million for the quarter.

Loan-loss provision was lower at $8.8 million versus $9.2 million a year ago.

The company declared a quarterly dividend of $0.165 per share.