First Chicago Corp. reported Friday that first-quarter net income rose 23 percent to $60.7 million, or 71 cents a share, from $49.5 million, or 63 cents a share, a year earlier.
”First-quarter earnings are consistent with our expectations for 1992, and we view the year with measured optimism,” Chairman Richard Thomas said.
”An important objective in 1992 will be to improve our earnings while strengthening our balance sheet.”
He said the bank will pursue those goals with ”tight control of operating expenses and careful management of credit costs.”
For the first quarter, the banking firm`s combined credit provision, which includes the loan loss provision and the provision for other real estate assets, was $118 million, compared with $180 million in the fourth quarter of 1991 and $110 million in the year-ago period. Non-performing assets of $1.3 billion at March 31 were essentially unchanged from the Dec. 31 level and were less than the $1.6 billion of a year ago. The ratio of reserves to non-performing loans was 102 percent at quarter-end.
Net interest income on a tax-equivalent basis was $296.2 million, up from $291.5 million a year ago, First Chicago said.
Average earning assets declined to $45.6 billion for the first quarter, compared with $45.7 billion a year ago. Non-interest income rose to $331.4 million from $268.5 million in the year-ago quarter.
