Associated Banc profit rises 61 percent
July 19 |
July 19 (Reuters) - Associated Banc-Corp's second-quarter profit jumped 61 percent as improved credit quality ensured the mid-western regional bank did not have to set aside money to cover bad loans.
The Green Bay, Wisconsin-based lender had kept aside $16 million as a provision for bad loans last year.
Net income rose to $42 million, or 24 cents per share, for the April-June quarter, from $26 million, or 15 cents per share, a year earlier.
Net interest income was flat at $154 million.
Shares of Associated Banc-Corp, valued at about $2.31 billion, closed at $12.95 on Thursday on the Nasdaq.
They have gained about 19 percent this year, outperforming the KBW regional bank index, which has risen 13 percent in the same period.
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