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UPDATE 1-People's United Q3 profit meets Street

Thu Oct 15, 2009 4:53pm EDT

Stocks

   

* Q3 EPS $0.08 in line with estimates

* Q3 net interest income down 9 pct to $145.3 mln

* Q3 loan loss provision $21.5 mln vs $6.8 mln yr ago

Oct 15 (Reuters) - People's United Financial Inc (PBCT.O) posted a third-quarter profit, which came in line with market view, helped by growth in its core loan portfolios and deposits, but said loan loss provisions tripled on higher net loan charge-offs.

The savings and loan holding company earned $26.8 million, or 8 cents a share, compared with $25.3 million, or 8 cents a share, a year earlier.

Analysts on average were looking for a profit of 8 cents a share, before items, according to Thomson Reuters I/B/E/S.

Net interest income at People's United, which was added to the S&P 500 Index .SPX last November, fell 9 percent to $145.3 million during the quarter.

Provision for loan losses was $21.5 million, up from $6.8 million last year. Net loan charge-offs jumped 63 percent to $16.0 million in the quarter, including $6.1 million related to one shared national credit.

Shares of the Bridgeport, Connecticut-based company closed at $15.87 Thursday on Nasdaaq. (Reporting by Brenton Cordeiro in Bangalore; Editing by Pradeep Kurup)



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