Wilmington Trust Corp. posted a 3.7% drop in first-quarter net income from a year earlier, to $41.4 million, as a result of surging credit costs and lower interest rates.
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The Delaware company also raised its quarterly dividend by a penny, to 34.5 cents a share.
Wilmington Trust's earnings per share were flat, at 62 cents, as shares outstanding fell 3.3%. Revenue increased 4.1%, to $189.7 million. The average estimate of analysts polled by Thomson Financial had called for earnings of 57 cents a share.
The loan-loss provision nearly tripled to $10 million, and net interest income fell 4.3%, to $86.9 million. Revenue in Wilmington Trust's wealth advisory and corporate client units each rose 8%.
