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CTL CREDIT INC. REPORTS 1993 THIRD QUARTER RESULTS

 SANTA BARBARA, Calif., Oct. 25 /PRNewswire/ -- CTL Credit Inc. (NASDAQ: CTLI) today announced that it earned $1.068 million or 31 cents per share during the third quarter of 1993. This was the company's first full quarter of operation since its initial public offering in May 1993.
 CTL Credit Inc. used the proceeds of the offering to purchase all the outstanding stock and increase the capital of California Thrift and Loan, a 34-year-old FDIC-insured thrift and loan with 17 offices located throughout California. Through these California offices and its non- California production offices (acquired from its former parent as part of the offering) in the states of Arizona, Colorado, New Mexico, Oregon, Texas and Washington, CTL Credit Inc. offers automobile, real estate and lease financing in the western United States.
 CTL Credit Inc. also reported the results (unaudited) below for the third and second quarters of 1993 (ended Sept. 30, 1993, and June 30, 1993), respectively. (The second quarter included only May and June, following the completion of the offering).
 CTL CREDIT INC.
 Financial Summary
 ($ million)
 Third Quarter Second Quarter
 (July-September) (May-June only)
 Net interest income before
 provision for doubtful receivables 7.3 4.7
 Provision for doubtful receivables 1.4 .9
 Servicing income .5 .4
 Other income .8 .4
 Total operating expenses 5.4 3.4
 Income before taxes 1.8 1.2
 Provision for income taxes .7 .5
 Net income 1.1 .7
 Earnings per share ($) .31 .21
 Cash and investments 21.0 20.3
 Receivables and contracts
 before reserves 412.0 397.4
 Reserves (allowance) for
 doubtful receivables 7.8 7.8
 Total assets 437.9 421.9
 Deposits 387.9 379.0
 Borrowings (notes payable) 9.4 3.5
 Delinquent receivables
 (90 days or more) 3.8 3.5
 REO (net of senior liens) 1.9 0.7
 Lease assets acquired in settlement .03 .3
 Quarterly receivables
 (loan) production 70.2 60.3
 -0- 10/25/93
 /CONTACT: Robert O. Heavner or James D. Emerson of CTL Credit, 805-963-8743/
 (CTLI)


CO: CTL Credit Inc. ST: California IN: FIN SU: ERN

JL-EH -- LA037 -- 6510 10/25/93 16:32 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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