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OLD KENT ACHIEVES ITS 20TH CONSECUTIVE YEAR OF RECORD EARNINGS

 GRAND RAPIDS, Mich., Jan. 18 /PRNewswire/ -- Old Kent Financial Corporation (NASDAQ: OKEN) concluded its 20th consecutive year of record earnings in 1992 with a solid fourth quarter finish.
 For the three month period ended Dec. 31, 1992, fully diluted net income per common share was $.72, up 26.3 percent from the $.57 for the same year-ago period. Net income for the quarter ended Dec. 31, 1992, was $29.4 million, 23.3 percent better than the $23.8 million reported for the last quarter of 1991. The return on average assets for the fourth quarter of 1992 was 1.33 percent, well above the 1.09 percent asset return for the same period last year. The return on average equity for the final quarter of 1992 was 16.45 percent, a significant improvement over the 14.39 percent equity return for the fourth quarter of 1991.
 For the year ended Dec. 31, 1992, fully diluted net income per common share was $2.71, 22.6 percent better than the $2.21 earned last year. 1992 net income was $111.1 million, up 19.5 percent from $93.0 million for 1991. The return on average assets was 1.27 percent for 1992 compared to 1.11 percent a year ago. The 1992 return on average equity was 16.25 percent, up substantially from last year's 14.57 percent return.
 John C. Canepa, chairman, president and chief executive officer, stated that despite the sluggish 1992 economy, Old Kent enjoyed a strong earnings performance. He added that strong interest margins and a high level of residential mortgage refinancings were significant factors influencing the increased earnings.
 At Dec. 31, 1992, Old Kent Financial Corporation had assets of $8.7 billion and total equity of $726 million. Old Kent is a bank holding company headquartered in Grand Rapids, with 15 affiliate banks and 195 offices throughout Michigan, and one affiliate bank having 13 offices in Illinois.
 OLD KENT FINANCIAL CORPORATION
 Percentage
 EARNINGS SUMMARY: 1992 1991(a) Change
 Quarter ended Dec. 31:
 Net income $29,371,000 $23,829,000 23.3
 Earnings per share:
 Primary $.72 $.59 22.0
 Fully diluted $.72 $.57 26.3
 Year ended Dec. 31:
 Net income $111,091,000 $92,981,000 19.5
 Earnings per share:
 Primary $2.75 $2.31 19.0
 Fully diluted $2.71 $2.21 22.6
 BALANCE SHEET DATA AT DEC. 31:
 Loans $4,907,629,000 $5,111,369,000 (4.0)
 Investment securities 3,007,449,000 2,692,178,000 11.7
 Deposits 7,253,540,000 7,313,979,000 (0.8)
 Assets 8,698,574,000 8,826,139,000 (1.4)
 Shareholders' equity 726,277,000 672,610,000 8.0
 (a) -- Adjusted for a 3-for-2 stock split paid in September 1992.
 -0- 1/18/93
 /CONTACT: Richard W. Wroten, chief financial officer, Old Kent Financial Corporation, 616-771-5808/
 (OKEN)


CO: Old Kent Financial Corporation ST: Michigan, Illinois IN: FIN SU: ERN

KE -- DE017 -- 6008 01/18/93 16:51 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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