Bank One Corp. said it expects higher nonperforming commercial loans and loan losses, combined with weaker economic conditions, to drive up chargeoffs this year.

The country’s fourth-largest banking company said in its annual report, filed Tuesday with the Securities and Exchange Commission, that “management currently anticipates that commercial credit losses for the next several quarters will at least double that of the approximately 40 basis points experienced in the last several years.” Analysts said the market had already factored in these expectations based on the company’s past performance and the credit-quality problems that have plagued its peers. Bank One shares rose 2.45%, to $35.95, on a solid day for bank stocks.

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