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OLD KENT REPORTS 19-PERCENT INCREASE IN SECOND-QUARTER EARNINGS

 GRAND RAPIDS, Mich., July 15 /PRNewswire/ -- Old Kent Financial Corporation (NASDAQ-NMS: OKEN) announced record earnings for the second quarter of 1993.
 Fully diluted net income per common share was $.82 for the quarter ended June 30, 1993, a 19-percent increase over the $.69 earned in the same 1992 period. Net income was $33.4 million for the second quarter of 1993, up by 18 percent over the $28.3 million for the year-ago quarter.
 The return on average assets for the second quarter of 1993 was 1.45 percent, up from a 1.29-percent asset return for last year's second quarter. The return on average equity was 17.67 percent for the three months ended June 30, 1993, in comparison to a 17.08-percent equity return for the same 1992 period. The net interest margin for the second three months of 1993 was 4.94 percent compared to 4.76 percent in that 1992 period.
 For the six months ended June 30, 1993, fully diluted earnings per share was $1.56, up 22 percent from the $1.28 earned in the first half of 1992. Net income was $63.5 million for 1993's first half, an increase of 20 percent over the $52.9 million reported for the same year-ago period. The six-month return on equity was 17.04 percent for 1993, up from 15.94 percent for the first half of 1992. The return on assets was 1.41 percent for the six months ended June 30, 1993, in comparison to 1.21 percent for the same preceding year's period.
 John C. Canepa, chairman, president and CEO, ascribed the record performance to continued strong interest margins, growing residential mortgage banking activities, and improved asset quality. Canepa also commented that the corporation continues to focus on building fee-based revenues and controlling operating costs.
 Old Kent Financial Corporation had assets of $9.3 billion and total equity of $769 million at June 30, 1993. Old Kent is a bank holding company headquartered in Grand Rapids with 15 affiliate banks and 195 offices throughout Michigan, and one affiliate bank with 18 offices in Illinois.
 OLD KENT FINANCIAL CORPORATION
 EARNINGS SUMMARY: 1993 1992 Percentage
 Change
 Quarter ended June 30:
 Net income $33,421,000 $28,325,000 18.0
 Earnings per share:
 Primary $.82 $.71 15.5
 Fully diluted $.82 $.69 18.8
 Six months ended June 30:
 Net income $63,525,000 $52,905,000 20.1
 Earnings per share:
 Primary $1.56 $1.32 18.2
 Fully diluted $1.56 $1.28 21.9
 Balance Sheet Data
 at June 30:
 Loans $5,203,458,000 $4,951,599,000 5.1
 Securities 3,267,853,000 3,034,020,000 7.7
 Deposits 7,622,286,000 7,286,570,000 4.6
 Assets 9,313,320,000 8,821,037,000 5.6
 Shareholders' equity 769,414,000 677,001,000 13.7
 -0- 7/15/93
 /CONTACT: Richard W. Wroten, chief financial officer, Old Kent Financial, 616-771-5808/
 (OKEN)


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

SB-ML -- DE007 -- 1858 07/15/93 10:33 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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