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Univest Corp. Q1 Profit Rises - Quick Facts

Univest Corp. of Pennsylvania (UVSP: Quote), the holding company of Univest Bank and Trust Co., Wednesday reported an increase in profit for the first quarter, due mainly to higher non-interest income and lower loan and lease loss provisions.

The Souderton, Pennsylvania-based company reported first-quarter net profit of $5.26 million or $0.31 per share, compared to $3.86 million or $0.23 per share last year.

Net interest income for the quarter dropped to $18.16 million from $18.81 million in the year-ago quarter. Total non-interest income grew to $11.02 million from $7.76 million in the prior-year quarter.

Loan and lease loss provisions for the quarter decreased to $4.10 million from $5.13 million last year.

by RTT Staff Writer

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This footwear company outperformed in the latest first quarter, despite significant headwinds from a strong U.S. dollar, slowdown at the west coast ports and seasonably cold weather in certain key markets and less efficient operations than originally anticipated at the company's European distribution center. UK-based oil giant BP Plc. and French peer Total SA Tuesday reported lower profit for the first quarter, as oil prices declined sharply from the previous year. However, results reflected stronger overall refining environment. Hartford Financial reported a decline in first-quarter profit, despite growth in premiums, due mainly to the absence of gains recorded last year.
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