Chase Manhattan Corp. said Monday that its first-quarter profit rose 7% from a year earlier, thanks to higher net interest income and operating earnings.
Chase, the nation's third-largest bank holding company and parent of Chase Manhattan Bank, said net income climbed to $143.7 million from $133.9 million a year earlier.
Chase said the improvement came despite a 37% increase in its provision for possible loan losses to $130 million from $95 million a year earlier.
Chase's net interest income--which is interest income minus interest expenses and the loan-loss provision--rose 12% to $618.5 million from $550.8 million.
