BUFFALO -- Marine Midland Banks Inc. earned $57.1 million in the second quarter, 26% more than in the comparable period of 1993.
For the first half, net income was up 38%, to $109.7 million. The $16.9 billion-asset U.S. subsidiary of HSBC Holdings attributed the improvement in the six-month performance to revenue growth and a 12.3% increase in net interest income, to $381 million. Operating expenses fell 8% because of productivity gains, Marine said, and no loss provision was taken.
The annualized return on average assets rose to 1.35% in the second quarter, from 1.08% in the 1993 period, and return on equity rose to 16.48% from 15.17%. The Tier 1 risk-weighted capital ratio increased to 11.20% on June 30 from 9.57% a year earlier.