Brazil Back-Interest Payments Boost Profits for Chase, Hanover
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NEW YORK — Chase Manhattan Corp. and Manufacturers Hanover Corp., benefiting from a stream of back-interest payments from Brazil, reported today that their profits shot higher in the fourth quarter.
Chase Manhattan, the nation’s second-largest banking group, said its earnings nearly doubled to $275 million in the October-December quarter from $154 million in the year-ago period.
Manufacturers Hanover, ranked No. 7 in terms of assets, said its earnings jumped to $224 million from $23 million in the fourth quarter, helping the bank meet new capital requirements.
Besides the back-payments from Brazil, which contributed $217 million after taxes to Chase and $146 million to Manufacturers Hanover, the banks reaped the benefits of further cost cuts, improved domestic loan quality and higher consulting and investment-banking fees.
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