BRIDGEPORT. Conn.-- People's Mutual Holdings, the parent of People's Bank, reported second-quarter income of $17.8 million, a 104% increase from $8.7 million earned a year earlier.
Fee-based revenues grew 19%, to $26 million from $21.9 million in the second quarter of last year, said Vincent Calabrese, People's Bank vice president for investor relations.
The bank's credit card revenue fueled most of that growth.
Net interest income grew to $60 million, a 7% increase from the $56 million reported for the corresponding period in 1993.
Costs associated with nonperforming assets came down. particularly after the sale of $50 million of problem residential mortgages earlier in the quarter.
Meanwhile. Citizens Financial Group, Providence. R.I., reported net income of $12.3 million for its third quarter, a 71% increase from the $7.2 million posted during the same period last year.
The $8.1 billion-asset bank attributed the improvement to the three acquisitions it has made over the past 12 months.
