NEW YORK -- Chase Manhattan Corp.'s board of directors on Wednesday increased the bank's quarterly common stock dividend by 21% to 40 cents per share.

The increase "affirms our confidence in our ability to sustain our strong operating earnings and our strong capital position," said Thomas G. Labrecque, chairman of Chase.

On Monday, Chase announced second-quarter profits of $307 million, up 32% over the $233 million reported for the second quarter of 1993. Wednesday's dividend increase was the second this year. In January, Chase raised its quarterly dividend 10% to 33 cents per share.

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