Webster Banks wealth management business continues to increase its contribution to the banks bottom line. In the second quarter of 2013, wealth management and investment services generated $8.9 million in income, up $1.7 million, or 23%, from a year ago. It was also up 15% from the previous quarter, the banks holding company announced Friday.
Websters Investment Services division posted especially strong results, generating a record $6.4 million in fee income.
Over the past 15 months, the bank has ramped up its wealth management and private banking services. In March 2012, it rebranded the business Webster Private Bank. Since then, it has beefed up its team of private bankers, including hiring
The group recently added
Overall, Webster Financial Corp., the banks holding company, earned $43.7 million, in the second quarter of 2013, up 8% from $40.6 million in the same quarter last year.
Webster delivered another solid quarterly performance, marked by higher loan originations, strong revenue growth, further gains in operating efficiency and improved asset quality, James Smith, Websters chairman and CEO, said in a statement.
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