Sovereign Bancorp Inc. said it expects to post operating earnings of 27 cents to 28 cents a share in the third quarter, beating Wall Street estimates even as other banks warn of shortfalls in the slow U.S. economy.
The Philadelphia-based bank expects fourth quarter earnings in the range of 26 cents to 28 cents a share, “depending on over-all economic conditions,” it said in a statement. Sovereign also in the third quarter accelerated its final payment to FleetBoston Financial Corp. related to branches it bought.
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