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BANK OF NEW YORK $350 MIL. 7.625 PERCENT SUB NOTES RATED 'A-' BY FITCH --FITCH FINANCIAL WIRE (FFW)--

BANK OF NEW YORK $350 MIL. 7.625 PERCENT SUB NOTES RATED 'A-' BY FITCH
 --FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, July 7 /PRNewswire/ -- The Bank of New York Company's newly issued $350 million of 7.625 percent subordinated notes due July 15, 2002, is rated 'A-' by Fitch. The credit trend is improving.
 Asset quality, which improved during the final half of 1991, has continued this trend into 1992. Nonperforming assets declined $560 million and represented 4.6 percent of related assets at the end of 1992's first quarter, down from 6 percent at the end of June 1991. Also, strong improvement has been evident in the coverage of problem loans as the consolidated loan loss reserve at March 31, 1992, was equal to 93 percent of nonperforming loans, compared to 73 percent at mid-year 1991.
 Capital ratios, including the risk-adjusted regulatory ratios as well as ratios computed on a tangible basis, have all been strengthened during the past year, aided in part by the recently completed issue of new common shares which raised approximately $300 million. A portion of the proceeds will be utilized to acquire Barclays Bank of New York, N.A.
 Profitability for the first quarter was an annualized 0.77 percent of average assets, the company's best quarterly performance in two years. Aiding earnings are continuing expense reductions related to the acquisition of Irving Trust Co. Fitch expects these savings to exceed $200 million for 1992.
 -0- 07/07/92
 CONTACT: Fred W. DeBussey of Fitch, 212-908-0521
 (BK) CO: THE BANK OF NEW YORK COMPANY IN: FIN ST: NY -- NY060 -- X830 07/07/92
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Publication:PR Newswire
Date:Jul 7, 1992
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