New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 3. Banking |
Chapter I. General Regulations of the Superintendent |
Part 29. Declaration of Dividends |
Sec. 29.2. Computation of net profits
Latest version.
- 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.