Chemical New York Corp., parent of the nation's sixth-largest bank, on Monday reported an 8.4% decline in its second-quarter profit while three other major banking companies posted higher net income for the period.
Chase Manhattan Corp., the nation's No. 3 banking company, posted a profit gain of 11%, and No. 5 J. P. Morgan & Co. was up 50.6%.
First Chicago Corp., the nation's 10th-largest banking company, said its profit was more than five times larger than a year ago, when its expenses included a special reserve involving its disposal of a foreign bank investment.
Chemical reported that its net income for the quarter ended June 30 totaled $98.3 million, compared to $107.3 million in the same period last year. Lower gains on the sales of investment securities, losses in the trading account and a larger provision for loan losses more than offset higher net interest income, stronger service fees and improved profits from foreign exchange trading, the banking company said.