Bridgeport-based People”™s United Financial Inc. reported a $43 million profit in the second quarter on net interest income of $158 million, as total assets fell from $21.1 billion in the first quarter to $20.4 billion in the second quarter.
The quarterly financials provided the first opportunity for comparative results since People”™s United acquired Vermont-based Chittenden Corp. on Jan.1.
Non-performing loans jumped 29 percent between the close of the first and second quarters to $86.4 million, which CEO Philip Sherringham attributed in part to three commercial accounts in its northern New England portfolio totaling $13 million.
“While we expect the level of non-performing assets to fluctuate in response to changing economic and market conditions, we remain comfortable with the current levels and have not seen any pervasive weakness in any sector of the loan portfolio,” Sherringham said in a written statement.
In separate news, People”™s United hired Paul Burner as chief financial officer. Burner was previously CFO of Citigroup Inc.”™s North American operations.
ASML forecasts sales drop
ASML Holding N.V. sales fell to $1.3 billion, down 9 percent from a year earlier despite an increase in shipments of its immersion lithography machines that can etch tinier circuit lines on semiconductors.
At last report, the Netherlands-based company had 650 employees at its U.S. headquarters in Wilton.
ASML indicated annual sales could drop 20 percent this year, as customers delay adding capacity for older systems still in use.
ASML”™s second-quarter profit of $305 million was helped by a one-time tax benefit totaling $111 million.
IMS posts healthy results
Norwalk-based IMS Health Inc. had a $78 million profit in the first quarter on $601 million in revenue, with the company posting its best growth in its business unit that manages product launches and branding for pharmaceutical companies.
IMS Health also sells market research on pharmaceutical sales for use as competitive benchmarks and consults on product portfolio “optimization” for drug companies.
During the quarter, IMS Health spent $19.4 million to acquire Health Benchmarks Inc. of Woodland Hills, Calif.; and Fourth Hurdle Consulting Ltd., which is based in the United Kingdom.
