MARINE Midland Bank's net income rose 36 per cent to US$61.9 million in the fourth quarter of 1994, and net income for the whole year of US$229.3 million up 32 per cent, its parent HSBC Holdings said yesterday.
It reported fourth quarter net income of $45.4 million for the fourth quarter of 1993, and $173.2 million for the whole of 1993.
HSBC Holdings said cost-cutting and efficiency improved: return on average assets rose to 1.45 per cent in the last quarter of 1994, from 1.06 per cent in the same period in 1993. Marine Midland's expenses were cut eight per cent over 1993.
'Marine Midland's increase in profitability for 1994 is due to several key factors which include the growth of the bank's core businesses and regional franchise and continued tight control over its expense base,' said James Cleave, Marine Midland's president and chief executive.
He said the bank's tier-one risk-weighted asset ratio rose to 11.2 per cent at the end of last year, from 10.1 per cent at the same time in 1993.
Its total capital ratio was 17.65 per cent, against 16.84 per cent 12 months earlier.