Marshall & Ilsley Corp. posted a first-quarter net loss of $116.9 million, or 44 cents a share, as higher loan losses and credit costs dragged on its earnings.

Analysts on average had expected a loss of 33 cents a share, according to Thomson Reuters.

The $62 billion-asset Milwaukee company posted a net income of $46.2 million, or 56 cents a share, a year earlier.

The loan-loss provision rose 226% from a year earlier, to $478 million, and net chargeoffs rose 150%, to $328 million. M&I said the higher provision and chargeoffs reflected "strain" in the construction and development portfolio.

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