People's United Has Strong 2011
Connecticut-based People's United Financial, which has 10 branches in Central Massachusetts, announced that its net income for 2011 more than doubled, from $85.7 million to $198.8 million.
The bank's president, Jack Barnes, said in a statement that the results reflect People's efforts to optimize existing businesses and deploy capital efficiently.
For the fourth quarter, which ended Dec. 31, the bank had earnings of $43 million, up from $32 million for the same quarter of 2010.
From the third quarter to the fourth quarter, the bank boosted its residential mortgage loans by $168 million, or 23 percent, and commercial banking loans by $470 million, or 17 percent.
Loan charge-offs increased in the fourth quarter, from $13.4 million to $14.8 million, but the bank said its charge-off ratio is less than one-third of its peers'.
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