Magazine article American Banker

Republic New York Says Profits Up 17.8%, Helped by Interest Income, Lower Reserves

Magazine article American Banker

Republic New York Says Profits Up 17.8%, Helped by Interest Income, Lower Reserves

Article excerpt

Riding an increase in net interest income and a steep decline in provisions for loan losses, Republic New York Corp. on Wednesday reported a 17.8% jump in third-quarter earnings, to $91.4 million.

REPUBLIC NEW YORK New York

Dollar amounts in millions (except per share)

THIRD QUARTER                 3Q94       3Q93
Net income                   $91.4      $77.6
Per share                     1.50       1.30
ROA                          0.78%      0.76%
ROE                         16.84%     15.26%
Net interest margin          2.71%      2.49%
Net interest income          218.2      193.0
Noninterest income            97.3      108.2
Noninterest expense          172.8      157.0
Loss provision                 3.0       20.0
Net chargeoffs               (1.7)      (4.4)
YEAR TO DATE                  1994       1993
Net income                  $250.6     $221.3
Per share                     4.15       3.71
ROA                          0.74%      0.73%
ROE                         14.97%     15.01%
Net interest margin          2.64%      2.49%
Net interest income          628.4      582.8
Noninterest income           295.2      284.1
Noninterest expense          539.9      460.6
Loss provision                16.0       70.0
Net chargeoffs                 8.8       29.4
BALANCE SHEET              9/30/94    9/30/93
Assets                     $41,210    $37,962
Deposits                    22,226     22,380
Loans                        9,384      9,031
Reserve/nonp. loans        544.28%    247.38%
Nonperf. loans/loans         0.63%      1.26%
Nonperf. asset/asset         0.21%      0.40%
Leverage cap. ratio       6.05%(*)      5.86%
Tier 1 cap. ratio        16.45%(*)     15.74%
Tier 1+2 cap. ratio      28.00%(*)     27.16%

(*)estimate

"What's impressive is how well they've come through this year maintaining earnings power and producing a surprise versus consensus estimates," remarked Judah Kraushaar, a bank analyst with Merrill Lynch & Co. …

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