Banks: Some major banks reported lower first-quarter...

Banks: Some major banks reported lower first-quarter earnings because of shaky U.S. real estate loans and nonperforming loans to Brazil and other countries. Chase Manhattan Corp. said its earnings fell to $44 million, down 66% from a year earlier, because of deteriorating real estate loans. Chase raised its provision for real estate loan losses to $225 million from $150 million the year before, cutting into net income. In addition, the bank received almost no interest payments from Brazil. Manufacturers Hanover Corp. reported a 7% decline in profit to $96 million for the quarter. Net income from nonperforming loans to major refinancing countries, including Brazil and Argentina, was $18 million less than in the previous year’s first quarter.