UPDATE 3-Bank of New York profit triples,credit losses drop

Newswire

(Recasts, adds details) By Jonathan Stempel NEW YORK, Oct 22 (Reuters) - Bank of New York Co. , the No. 11 U.S. bank, on Wednesday said third-quarter profit more than tripled, as it set aside substantially less money for bad loans. The New York-based bank, which has $95.2 billion of assets, said net income rose to $260 million, or 34 cents per share, from $79 million, or 11 cents per share, a year earlier. Operating profit per share totaled 42 cents, up 1 cent from the second ...

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