Newspaper article THE JOURNAL RECORD

Banc One Profits Drop

Newspaper article THE JOURNAL RECORD

Banc One Profits Drop

Article excerpt

CHICAGO (AP) -- Bank One's first quarter earnings plummeted by 40 percent as fallout from serious problems with its credit-card unit continued to erode profits at the nation's fourth-largest bank.

The poor showing, however, met Wall Street's latest lowered expectations.

Net profits for the first three months of 2000 were $689 million, or 60 cents a share, down from $1.151 billion, or 96 cents a share, for the same period a year ago.

A consensus of analysts surveyed by First Call/Thomson Financial, in their fourth lowered estimate since August, had forecast 60- cents per-share earnings following the bank company's warning last month of a weak quarter. Bank One blamed its weak performance on a falloff in credit card business, more bad loans and an operating loss for its Internet-only bank WingspanBank.com.

Credit card profits sank to $70 million from $303 million, with credit quality worsening -- nonperforming assets increased by $31 million to $1.19 billion. …

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