Newspaper article THE JOURNAL RECORD

Bankers Trust, Bank of Boston Post Third Quarter Increases

Newspaper article THE JOURNAL RECORD

Bankers Trust, Bank of Boston Post Third Quarter Increases

Article excerpt

NEW YORK (AP) - Bankers Trust New York Corp. on Thursday posted a 16 percent increase in third quarter net income over last year, while Bank of Boston Corp. said third quarter profit rose 34 percent, partly on the strength of newly acquired subsidiaries.

InterFirst Corp. of Dallas reported a steep decline in third quarter net earn ings, reflcting the poor oilpatch econo my.

Bankers Trust, the nation's eighth largest banking concern, reported net in come of $110.3 million, or $1.53 per share, for the three months ended Sept. 30. That surpassed the $95.2 million, or $1.37 per share, in earnings for the third quarter last year.

Alfred Brittain III, Bankers Trust& chairman, said higher noninterest and& interest revenue were offset partly by a 32 percent rise in noninterest expenses - mostly for higher employee compensa tion - and higher income tax expenses.

Third quarter 1985 earnings also re flected a one-time $13.3 million gain stemming from New York state income tax law changes.

Bankers Trust took a loan loss provi sion of $40 million during the quarter, compared with $30 million in the year earlier quarter, raising its reserve for bad loans to $455 million, or 1.77 percent of total loans outstanding. A year earlier the reserve was $409.6 millon, or 1.67 percent of loans.

For the first nine months of 1986,& Bankers Trust had a profit of $330.5 million, or $4.62 per share, compared with $275 million, or $4.02 per share, in the same period last year.

Assets of the company as of Sept. 30 totaled $50.7 billion, up from $47 billion last year. Deposits rose to $25.9 billion from $24.2 billion.

Bank of Boston, the nation's 13th largest bank holding company, had third quarter net income of $62.3 million, or $1.49 per share, compared with $46.5 million, or $1.12 per share, a year ago.

Chairman William L. Brown said the robust regional economy helped boost net interest revenue and other income. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.