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Article: First Chicago NBD Reports Record First Quarter Earnings Per Share, Up 14% From One Year Ago
- Article from:
- PR Newswire
- Article date:
- April 14, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO, April 14 /PRNewswire/ -- First Chicago NBD Corporation (NYSE: FCN) today reported record net income of $380 million, or $1.17 per fully diluted common share, for the first quarter of 1997. Net income for the year-ago quarter was $340 million, or $1.03 per share. Return on common stockholders' equity was 17.8%, compared with 16.6% a year ago.
"The quarter's earnings reflect a record net interest margin, double-digit fee revenue growth, and excellent expense discipline," said Chairman Verne G. Istock. "We continue to aggressively manage our capital position as well, as evidenced by the progress of our stock repurchase program. In sum, this was ...