New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 29 - Declaration Of Dividends
Section 29.2 - Computation of net profits
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 29.2
Current through Register Vol. 46, No. 12, March 20, 2024
A bank or trust company must reduce net profits at the time a provision for loan losses is made rather than when any net losses are charged to the loan loss reserve. Accordingly, net profits of a bank or trust company will equal its net income for purposes of Banking Law, section 112.
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