The branches of Chase Manhattan Corp. flowered last month, booking pretax profit "a shade under $21 million, nearly $9 million over plan," regional bank executive Donald Boudreau told his troops in an internal memo last week.

For the first four months of 1992, Chase booked $82.3 million pretax, almost $30 million ahead of budget, Mr. Boudreau crowed. Key factors: deposits, which "exceed plan by $98 million"; deposit spreads "significantly better than anticipated"; and $5.2 million in one-time gains from mortgage sales, foreign exchange income and the unwinding of a fixed-rate swap - well above the $900,000 budgeted for such "nonfee-based income."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.