Republic New York Income Up 6.2% in Quarter
Republic New York Corp. said its third-quarter income rose 6.2% to $58.1 million, mostly because of a strong showing by the Manhattan Savins Bank unit that it acquired last year.
Manhattan Savings added significantly to net interest income, which was up 16% from a year ago to $145 million. It was $424 million in the first nine months, 29% better than 1990.
Asset quality improved, as nonperforming assets declined 4% to $175 million from second-quarter levels. The provision for loan losses was $16 million, identical with the second-quarter provision but up 33% from $12 million in last year's third quarter.
Assets Rose 5% over 12 Months
Total assets of the company, which ranked 23d in the nation at June 30, rose 5% in the 12 months through Sept. 30 to $30.9 billion
Domestic nonperforming loans decreased 19% to $75 million since June 30, but nonperforming loans in the Third World jumped 26% to $44 million in the same period. Other nonperforming foreign loans dropped 25% to $11 million.