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ASSOCIATES CORPORATION OF NORTH AMERICA REPORTS RECORD EARNINGS FOR THE NINE MONTHS ENDED SEPT. 30, 1992

 ASSOCIATES CORPORATION OF NORTH AMERICA REPORTS RECORD
 EARNINGS FOR THE NINE MONTHS ENDED SEPT. 30, 1992
 DALLAS, Oct. 28 /PRNewswire/ -- Associates Corporation of North America, part of the Financial Services Group of Ford Motor Company (NYSE: F), achieved record earnings for the nine months ended Sept. 30, 1992, Reece A. Overcash Jr., chairman and chief executive officer, announced today.
 Earnings before provision for income taxes increased 11 percent to $510.2 million for the nine months ended Sept. 30, 1992, from $460.4 million for the same period a year ago. Net earnings for the nine-month period were $328.4 million compared with $298.1 million a year earlier, a 10 percent increase.
 Overcash said, "Despite the continued softness in the economy, we realized growth and profits in both the consumer and commercial operations. These gains are the result of continued quality growth in our loan portfolio and lower average interest rates. We remain on pace for another record year."
 The company's consumer operations were led by receivables growth in personal and real estate-secured lending through the expansion of its branch delivery system. The commercial operations continued to be led by market leadership positions in transportation and equipment financing. Manufactured housing sales financing, a consumer loan portfolio managed by the commercial operations, also registered growth.
 Total assets at Sept. 30 were $22.9 billion, another record. Additionally, assets of operations managed by The Associates on behalf of Ford subsidiaries were $2.9 billion. The results and assets of these managed operations are not included in those of The Associates.
 Revenue for the nine months ended Sept. 30 increased 7 percent to $2.5 billion compared with $2.3 billion a year ago. Gross finance receivables at Sept. 30 were $23.7 billion, an 11 percent increase over the $21.3 billion a year ago.
 Consumer finance gross receivables were $16.3 billion at Sept. 30, a 15 percent increase over the $14.2 billion reported a year ago, due to both acquisitions and internal growth. Consumer finance volume for the period was $7.4 billion. Consumer finance receivables consist of residential real estate-secured receivables, personal loans, sales financing of manufactured housing and consumer durable goods, and credit card receivables.
 Commercial finance gross receivables totaled $7.4 billion at Sept. 30, compared with $7.1 billion a year ago, a 3 percent increase. Commercial finance volume for the period was $5.3 billion. Commercial finance receivables result from the sales financing and leasing of transportation, construction, communications and other industrial equipment. Automobile club, employee relocation services and mortgage banking are also part of the commercial operation.
 Revenue from insurance premiums for the period was $156.8 million, a 5 percent increase over the $149.9 million reported last year. The insurance operating group is principally engaged in underwriting credit life, health and physical damage insurance for customers of the consumer and commercial finance operations.
 Associates Corporation of North America is the nation's second largest independent finance company, providing consumer finance, commercial finance and leasing, and insurance.
 -0- 10/28/92
 /CONTACT: Fred Stern of Associates Corporation of North America, 214-541-4042/
 (F) CO: Associates Corporation of North America ST: Texas, Michigan IN: AUT SU: ERN


SH -- NY022 -- 5827 10/28/92 09:26 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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