Webster Bank reports 62% cut to first-quarter earnings

WEBSTER FINANCIAL CORP.
WEBSTER FINANCIAL CORP., the holding company for Waterbury, Conn.-based Webster Bank, reported net income of $38.2 million in the first quarter of 2020. / PBN FILE PHOTO
WATERBURY, Conn. – Webster Financial Corp., the parent company for Webster Bank, reported a $38.2 million first-quarter profit, representing a 62% cut to earnings compared to the same time last year, the company said on Tuesday. The slash in profit margins was primarily driven by a $67 million increase in the company’s provision for credit…

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