First Maryland Bancorp, the second largest bank holding company in the state, has reported a 93.4 percent drop in its profit for the fourth quarter. The company reported earning $1.5 million compared with $22.7 million for the 1989 fourth quarter.
For the year, earnings dropped 40.7 percent, falling to $43.5 million from $73.3 million in 1989.
First Maryland, the parent company of First National Bank of Maryland, is owned by Allied Irish Banks PLC of Dublin, Ireland.
"Within the context of the recessionary economy, we are pleased to report continued profitability in 1990," said Charles W. Cole Jr., president and chief executive officer of First Maryland.