The following is a summary of the Webster Financial Corporation (WBS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Webster Financial reported a return on average assets of 1.26% and a return on tangible common equity of 17.9% for Q1 2024.

• Adjusted EPS stood at $1.35 indicating a solid financial performance.

• The company managed to grow client deposits by $1.8 billion, which was used to redeem brokered deposits.

• Loan growth was achieved at 0.7% or 1.2% after adjusting for the transfer of $240 million of loans to held-for-sale.

• The company has highlighted expected loan growth of 5%, which will positively impact future financial performance.

Business Progress:

• Launched the 'You're Home' program to enhance opportunities for low and moderate-income first-time homebuyers.

• Launching four new finance labs in partnership with local non-profits to boost financial empowerment for young people.

• The acquisition of Ametros has been completed, enhancing deposit and fee income generation.

• The company is planning to reduce commercial real estate growth slightly while increasing activity in its 'Sponsor & Specialty' business.

• Increase in AI solutions demand has led to an acceleration in cloud infrastructure investments.

More details: Webster Financial IR

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