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Wilmington Trust Suffers Loss, Deposit Balances Rise
Tom Burroughes
29 January 2010
Wilmington Trust Corporation has suffered a loss of $11.2 million for the 2009 fourth quarter and a loss of $4.4 million for the 2009 full year, the firm said today, explaining that its loss was in part driven by higher provisions for loan losses. The net loss available to common shareholders was $15.7 million for the 2009 fourth quarter and $22.7 million for the full year, it said in a statement. The factors driving the results in the year and quarter were increases in advisory revenue, driven largely by growth in the corporate client services business; higher provisions for loan losses, which hit net interest income and securities loss. “While recessionary pressures on our borrowers increased credit costs and reduced net interest income, our corporate client services business recorded its best quarter ever, and our Wealth Advisory Services business continued to do well amid difficult market conditions,” said Ted Cecala, Wilmington Trust chairman and chief executive. Core deposit balances, on average, were $6.74 billion. This was 22 per cent higher than for the year-ago fourth quarter, and 1 per cent higher than for the 2009 third quarter (trailing quarter).