In the midst of a restructuring to get ready for its merger with
The $127 billion-asset bank blamed the hefty decline on lower revenues
Earnings per share of $1.30 beat Wall Street's forecast by 22 cents. As
But the market-related gains were not quite as strong at Bankers Trust,
The first quarter "was positive in the sense that it was better than
Frank N. Newman, Bankers Trust's chairman and chief executive officer
To get ready for the scheduled closing, Bankers Trust dismantled its
In addition, the bank realigned the management of much of its emerging-
Bankers Trust has continued to reduce its exposure overseas after
At the end of March, Bankers Trust had slashed its total cross-border
The reorganization and the reduction of risks are "the way Deutsche Bank
But the deal, which is expected to be completed by June 30, had some
Overall, Bankers Trust's performance was down significantly from the
Fee revenues edged up 1.4%, to $1.25 billion, as gains in trading and
Trading revenues, including interest income, rose 7%, to $417 million.
But a weaker market for high-yield bond underwriting-one of Bankers
Bankers Trust said results were similarly mixed in its business units.
Trading and sales profits grew 34%, to $86 million. The bank attributed
Without the gain from Long-Term Capital, Bankers Trust said, trading
Global institutional services had a 1% gain in revenues, to $258
At the close of trading Monday, Bankers Trust shares were unchanged at
First Tennessee National Corp.
Memphis
Dollar amounts in millions (except per share)
First Quarter 1Q99 1Q98
Net income $53.2 $46.4
Per share 0.40 0.35
ROA 1.15% 1.26%
ROE 19.10% 19.60%
Net interest margin 3.76% 4.03%
Net interest income 148.9 128.2
Noninterest income 286.6 190.0
Noninterest expense 336.8 230.9
Balance Sheet 3/31/99 3/31/98
Assets $18,325.0 $15,897.6
Deposits 12,197.8 10,814.8
Loans 8,782.8 8,488.4
Bankers Trust Corp.
New York
Dollar amounts in millions (except per share)
First Quarter 1Q99 1Q98
Net income $140.0 $222.0
Per share 1.30 2.01
ROA 0.41% 0.60%
ROE 12.50% 16.70%
Net interest margin 1.09% 1.47%
Net interest income 261.0 402.0
Noninterest income 1,249.0 1,231.0
Noninterest expense 1,301.0 1,325.0
Loss provision 0.0 0.0
Net chargeoffs 49.0 4.0
Balance Sheet 3/31/99 3/31/98
Assets $127,106.0 $157,537.0
Deposits 36,337.0 46,341.0
Loans 19,690.0 21,178.0
Reserve/nonp. loans 184% 281%
Nonperf. loans/loans 1.60% 1.10%
Nonperf. assets/assets 0.40% 0.30%
Nonperf. assets/loans + OREO 2.20% 2.10%
Leverage cap. ratio 3.80%* 4.50%
Tier 1 cap. ratio 8.10%* 8.20%
Tier 1+2 cap. ratio 14.50%* 14.20%
* Estimated
Commerce Bancshares Inc.
Kansas City, Mo.
Dollar amounts in millions (except per share)
First Quarter 1Q99 1Q98
Net income $39.0 $34.0
Per share 0.62 0.56
ROA 1.40% 1.38%
ROE 14.53% 14.01%
Net interest margin 4.49% 4.66%
Net interest income 113.0 105.0
Noninterest income 57.0 50.0
Noninterest expense 103.0 90.0
Balance Sheet 3/31/99 3/31/98
Assets $11,072.0 $10,367.0
Deposits 9,322.0 8,700.0
Loans 6,829.0 6,316.0