Business

Commerce earnings climb in third quarter

Commerce Bank’s parent company posted a 6 percent increase in third quarter profits.
Commerce Bank’s parent company posted a 6 percent increase in third quarter profits. file photo

Kansas City-based Commerce Bancshares Inc. reported a 6 percent increase in profits during the third quarter compared with a year ago.

Its $68.5 million profit equaled 68 cents a share. A year ago, Commerce had earned $64.6 million, or 63 cents a share. Profits in the quarter equaled a 1.12 percent return on its average level of assets during the quarter, up from 1.09 percent a year ago.

Commerce said its problem loans were improving with an increase in the amount of money it was recovering on loans generally considered a loss. It ended September with $13.2 billion in loans among its $24.7 billion in total assets.

Mark Davis: 816-234-4372, @mdkcstar

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