Chemical New York Earnings Rise 3.7%

Chemical New York, the nation’s sixth-largest bank holding company, said its profit edged up 3.7% in the third quarter.

The banking concern was the first of the major banking companies to report its financial results for the three months ended Sept. 30.

Chemical said its third-quarter profit amounted to $99.1 million, compared to $95.6 million a year ago.

The parent of Chemical Bank said its third-quarter results reflected higher net interest income, stronger service fees and larger gains on the sale and trading of securities.

These improvements were partially offset, the company said, by increased operating expenses, higher income tax expense and an increase in its provision for loan losses to $114.3 million from $106.7 million a year ago.

Total assets of the parent company were $56 billion on Sept. 30, up from $55.3 billion a year ago. Deposits slipped to $33.6 billion from $33.8 billion a year earlier.