Webster Banks wealth management business turned in strong third-quarter financial results but fell short of its record performance in the previous quarter. In the third quarter of 2013, the banks wealth and investment services generated $8.1 million in revenue, up $909,000, or 13%, from a year ago, but 9% shy of the record $8.9 million it produced in the second quarter, the bank's holding company announced Friday.
Nearly 25% of the $825,000 drop in revenue from the prior quarter, or $200,000, was due to the sale of a non-strategic portfolio of assets under management, Glenn MacInnes, Websters chief financial officer, said during the earnings call. The remainder primarily reflects the seasonality impact on production levels, he said.
For the nine months ended Sept. 30, wealth and investment services generated $24.8 million, a 14% increase from $21.6 million a year ago.
We continue to make progress in the areas of wealth and cash management services and expect additional fee revenue from these activities, MacInnes said.
Overall, Webster Financial Corp., the banks holding company, earned $44.7 million in the third quarter of 2013, up marginally from $44.4 in the same quarter last year.
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