N.Y. Comp. Codes R. & Regs. Tit. 3 § 29.2 - Computation of net profits
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.
Notes
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