People’s United increases lending

People”™s United Financial Inc. increased commercial loans by $722 million from the second quarter, though its net earnings tailed off slightly to $62.2 million.

Profits still remained well above the $51.5 million People”™s United reported in the third quarter of 2011.

“We anticipate continued momentum in loan growth based on our retail and commercial lending pipelines and remain encouraged by the significant opportunity for growth throughout the franchise, particularly within the Boston and New York City (areas),” said CEO Jack Barnes, in a prepared statement. “In addition, strategic revenue initiatives in commercial and retail banking, wealth management and insurance are positively impacting our operating results.”

Bridgeport-based People”™s United spent $54 million to repurchase shares of its own stock during this year”™s quarter.