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Wilmington Trust Q1 net income down

Financial services holding company Wilmington Trust has reported net income of $41.4 million for the first quarter of 2008, a 3.7% decrease, compared to $43 million for the same period of 2007.

The company reported diluted earnings per share of $0.62 for the first quarter of 2008, the same as for the same period of 2007.

The corporate client services (CCS) business remained strong in the face of limited market activity. Total CCS revenue was 8% higher than for the first quarter of 2007, and $200,000 less than for the fourth quarter of 2007.

Wealth advisory services (WAS) revenue was 8% higher than for the first quarter of 2007, as the effects of business development and expansion into Boston helped offset the effects of financial markets that were lower than its 2007 levels. Compared to the 2007 fourth quarter, WAS revenue was 6% lower, while the corresponding decline in the S&P 500 index was 10%.

The regional banking business continued to benefit from the stable economy in the mid-Atlantic region, which has not experienced the level of economic downturn seen in some other parts of the US.

Ted Cecala, Wilmington Trust’s chairman and CEO, said: Significant loan growth, solid growth in CCS and WAS revenue, and stable credit quality were offset by a decline in net interest income due to the market interest rate environment.