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Chase posts record 4Q
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January 19, 1999: 9:30 a.m. ET
Overseas results help bank company exceed analysts' estimates
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NEW YORK (CNNfn) - Chase Manhattan Corp. says it had a record fourth quarter, posting per share net well above the consensus estimate of analysts with the help of overseas operations.
The company, one of the nation's largest banking concerns, says diluted per-share earnings for the period rose to $1.31 from 94 cents in the 1997 period. The consensus of analysts surveyed by First Call was for earnings of $1.19 a share.
Net income for the quarter rose 31 percent to $1.15 billion from $874 million a year ago.
New York-based Chase credits its global banking operations with making a strong contribution to results, posting a 37 percent increase in revenue compared with the year-ago quarter. Trading gains and related net interest income matched the record $692 million posted in the first quarter, and investment banking fees grew 3 percent to $381 million.
Chase also says its exposure to emerging markets in Latin America and Asia declined 34 percent, and its exposure in Russia fell to $190 million from $650 million at the end of 1997.
"In one of the most challenging periods that the financial services industry has faced in recent years, Chase's record performance demonstrates how strong and differentiated a competitor it has become," Chairman Walter Shipley said.
Chase stock closed Friday at 70-7/8, up 2-5/8. 
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Chase Manhattan
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