Wilmington Trust reports net loss in Q3

Tue. October 27, 2009; Posted: 09:41 AM

Oct 27, 2009 (Datamonitor via COMTEX) -- WL | Quote | Chart | News | PowerRating -- Financial services holding company Wilmington Trust has reported a net loss of $5.9 million, or $0.15 per share, for the third quarter ended September 30, 2009, compared to a net income of $22.9 million, or $0.34 per share, for the third quarter of 2008.

For the third quarter of 2009, net interest income was $80 million, down 12.2%, compared to $91.1 million for the same quarter of 2008.

For the first nine months of 2009, net interest income was $240.2 million, down 8.7%, compared to $263.1 million for the same period of 2008. Net income was $6.8 million, or $0.1 per share, down 84.9%, compared to $44.9 million, or $0.67 per share, for the same period of 2008.

Ted Cecala, Wilmington Trust's chairman and CEO, said: "The corporate client services business recorded impressive revenue growth, the provision for loan losses declined, the net interest margin improved, and there were numerous other positive developments during the third quarter. Unfortunately, recessionary pressures reduced the value of some of our investment securities and triggered accounting rules that require us to write them down."

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For full details on Wilmington Trust Corp (WL) click here. Wilmington Trust Corp (WL) has Short Term PowerRatings of 6. Details on Wilmington Trust Corp (WL) Short Term PowerRatings is available at This Link.

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