US banks on strong gains

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The Independent Online
NEW YORK - America's big banks and securities firms continued to report strong third-quarter earnings yesterday, writes Larry Black.

Chase made dollars 184m, or dollars 1.25 a share, compared with dollars 151m, or 94 cents, for the same period in 1992. Thomas Labrecque, chief executive, said it marked three years of improving performance since its aggressive action to clear away billions in bad commercial loans.

Primerica's results were the first since its Smith Barney securities division acquired the Shearson brokerage and mutual fund operation. Smith Barney Shearson earned dollars 118m, against dollars 30m the year before, helping to push Primerica's profit to dollars 635m, or dollars 2.62 a share, from dollars 506m, or dollars 2.26 a share.

Nationsbank, parent of the City's Panmure Gordon, earned slightly less than in the year before - dollars 341m, against dollars 350m.