Chase Manhattan, the largest US bank, yesterday reported a 1997 fourth-quarter profit of $874 million (£640 million), a 5 per cent increase over the same period of 1996.

The company's total profits for the year improved 51 per cent to $3.71 billion. Revenues for Chase's international operations totalled $2.04 billion in 1997, a 4 per cent increase. Net earnings per share for the fourth quarter amounted to $1.89, slightly under analysts' estimates of $1.93. Fourth quarter operating profits reached $850 million a 6 per cent drop from the same quarter last year, due to more modest results from its share dealings.