FX.co ★ Webster Financial Q1 Net Income Declines

Webster Financial Corporation, the parent company of Webster Bank, disclosed a first quarter net income of $212.2 million or $1.23 per share for its common shareholders. This uncovers a slight decrease from last year's $216.8 million or $1.24 per share. The company's adjusted earnings per share stood at $1.35 for the quarter ending March 31, 2024. Nonetheless, the consensus of 15 analysts for Thomson Reuters fell slightly short as they predicted a profit per share of $1.41. It's important to note that these analyst forecasts typically do not account for unique or special items.

In terms of net interest income, Webster saw a dip as it reported a total of $567.7 million, down from last year's $595.3 million. Total non-interest income, on the other hand, demonstrated a rise coming in at $99.4 million from the previous year's $70.8 million. However, analysts' average estimation failed to mirror these figures, having projected revenues around $616.79 million.