1st-Quarter Profit Up 30% at Chase Manhattan Parent

Chase Manhattan Corp. said its first-quarter profit rose 30.1% from a year ago.

Chase, the parent of third-ranked Chase Manhattan Bank, said its first-quarter profit was $133.9 million, compared to $102.5 million a year earlier.

Its net interest income rose 23% to $716 million from $579 million a year earlier. The results also included a $12-million gain reflecting Chase’s midyear acquisitions of Nederlandse Credietbank NCB and Lincoln First Bank.

Partially offsetting these gains were increased operating expenses and a higher provision for possible loan losses.

The provision for loan losses rose 27% to $95 million from $75 million a year ago. Its loan-loss reserve rose 33% to $779 million on March 31, compared to $588 million a year ago.

Its non-accruing or reduced-rate loans amounted to $2.4 billion from $2.2 billion at Dec. 31, 1984, and $1.6 billion on March 31, 1984. Non-accruing loans generally include those on which interest or principal payments are at least 90 days overdue.

Chase’s assets averaged $85.7 billion in the quarter, up from $80.4 billion a year earlier.