Colonial BancGroup Profit Rises

The quarter is in line.
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Colonial BancGroup's

profit rose 20.46% for the third quarter, helped by growth in net interest income.

The Montgomery-based bank earned $68.03 million or 44 cents a share, in the quarter, compared with $56.47 million or 37 cents a share, a year ago. Analysts polled by Thomson First Call had expected earnings of 44 cents a share.

"Colonial's record earnings for the third quarter and the first nine months of 2006 reflect our solid approach to the expansion of our franchise in growth markets with continued focus on strong organic growth, outstanding credit quality and efficient operations." the company said.

The bank's shares were trading down 26 cents, or 1.05%, at $24.49 Wednesday.

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