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Chase 1Q beats forecast
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April 19, 2000: 11:10 a.m. ET
No. 2 U.S. bank sees double-digit earnings growth in seven of ten units
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NEW YORK (CNNfn) - Chase Manhattan Corp., the second-largest U.S. bank, beat first-quarter estimates Wednesday with a solid gain in earnings.
The New York-based bank earned $1.4 billion, or $1.59 a diluted share. Analysts surveyed by earnings tracker First Call predicted the bank to earn $1.55 a share for the quarter. In the year-earlier quarter, the company reported earnings of $1.2 billion, or $1.32 a diluted share.
"Seven of our ten units had double-digit earnings growth and an eighth had record earnings," said Marc Shapiro, vice chairman, Chase Manhattan Corp. in an interview with CNNfn.
Operating revenue rose 14 percent to $6.2 billion from $5.4 billion, while loans increased 2 percent to $175.4 billion, total assets gained 8 percent to $391.5 billion, and deposits rose 2 percent to $211.7 billion.
Shares of Chase Manhattan (CMB: Research, Estimates) fell 1-3/4 to 78-3/4 in mid-morning trading Wednesday.
Shapiro said Chase's diversification, which includes a wide base of clients combined with new opportunities, led to "terrific results."
One recent acquisition, the investment firm Hambrecht & Quist Group more than doubled its revenues. "It's been a great transaction for us and they're benefiting from a strong market," said Shapiro.
"We've been helped by the markets but the great thing about Chase is its balance," said Shapiro. "We are the world's largest raiser of debt capital for corporations. If the equity market is not strong it creates a lot of opportunity in the debt market and that's where we dominate."
And looking ahead, Shapiro said, "We have a growth platform, this is a growth company, and as the market understands that we believe our stock will do very well."
Click here [WAV 133KB] or [AIF 133KB] to hear a portion of Shapiro's comments. 
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Chase Manhattan
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