Connecticut-based Peoples United Financial Inc., which has 10 bank branches in Central Massachusetts, reported net income of $52.9 million for the third quarter, up from $24.1 million during the same quarter a year ago.
The increase in profits was driven by loan and deposit growth. Year-over-year, commercial deposits grew from $3.9 billion to $4.8 billion and retail deposits from $14.4 billion to $15.7 billion.
Residential mortgages grew from $2.9 billion to $3.5 billion. Total assets also grew 7.5 percent, from $25.3 billion to $27.2 billion.
