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Chase cruises in 2Q
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July 21, 1999: 7:50 a.m. ET
Bank cites global, consumer business strength for topping net estimates
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NEW YORK (CNNfn) - Chase Manhattan Bank Corp. Wednesday reported operating earnings rose 25 percent in the second quarter, soaring past analyst targets on the strength of its global business and consumer line.
Excluding one-time items, Chase reported operating earnings of $1.35 billion, or $1.55 per diluted share, up from $1.08 billion, or $1.21 per share, in the year-earlier period.
Analysts expected Chase to report second-quarter operating earnings of $1.37 per share, according to the research firm First Call Corp., which tracks such estimates.
Including extraordinary items, the New York-based company reported net income of $1.39 billion, or $1.60 a diluted share, up from $1.07 billion, or $1.20 a share, in the second quarter of 1998.
Revenue rose 18 percent to $5.6 billion.
"Chase had a terrific second quarter," William Harrison, president and chief executive officer, said in a statement. "Each of our businesses -- Global Banking, National Consumer Services and Global Services - posted double-digit revenue growth and more than 20 percent growth in earnings."
Shares of Chase Manhattan (CMB), one of the nation's largest banks, fell 1-1/4 to 80-7/8 in Tuesday trading.
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Chase Manhattan Bank
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