Marshall & Ilsley Tops Forecast

The company says second-quarter earnings climb from the same period last year.
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Financial services company

Marshall & Ilsley

(MI)

reported a 9.3% increase in second-quarter earnings per share, topping analysts' estimates by a penny.

The company earned $134.7 million, or 59 cents a share, compared to $120.4 million, or 54 cents a share, in the previous-year quarter. Analysts expected 58 cents a share.

The company said its return on average assets was 1.6%, compared to 1.7% for the 2002 period, while return on equity was 16.9%, down from 17.7% in last year's quarter.

Marshall & Ilsley said its provision for loan and lease losses was $19.6 million in the second quarter vs. $17 million in the same period last year. Assets as of June 30 were $34.1 billion, compared to $29.1 billion at quarter end last year.

Recently, shares of the Milwaukee-based company were up 2.6% at $31.98 on the

New York Stock Exchange

.