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BANKERS TRUST EARNINGS RISE 35 PERCENT

 NEW YORK, July 22 /PRNewswire/ -- Bankers Trust New York Corporation (NYSE: BT) earned $251 million for the quarter ended June 30, 1993, up $65 million, or 35 percent, from the $186 million earned in last year's second quarter. Earnings per share were $2.97, up 38 percent from $2.16 a year ago. The Corporation's second highest quarterly earnings produced a return on average common equity of 26 percent.
 "The quarter's results again demonstrated the consistency of earnings power within the firm's diverse range of businesses worldwide," said Bankers Trust Chairman Charles S. Sanford, Jr. "While all major business lines contributed to the quarter's outstanding results, exceptionally strong performances were achieved globally by our financial risk management, trading and positioning, and underwriting businesses." Mr. Sanford also cited the benefit of improved asset quality as another positive factor in the quarter, reflected by a significantly lower level of cash basis loans from a year ago as well as a reduced level of charge-offs.
 Net Interest Revenue
 Fully taxable net interest revenue was $319 million, up $67 million, or 27 percent, from the second quarter of 1992. The quarterly increase once again was attributable to substantially higher trading-related net interest generated by the firm's interest rate and currency arbitrage activities, reflecting the continued steepness of yield curves around the world.
 Noninterest Revenue
 Total trading revenue of $405 million increased by $70 million, or 21 percent, from the second quarter of 1992 and represented the Corporation's highest quarterly result ever. The Corporation was well positioned for market conditions during the quarter, including currency devaluations and interest rate declines in several European countries. These conditions produced both proprietary trading opportunities and strong customer demand for risk management products.
 Fiduciary and funds management revenue of $176 million for the second quarter was down $4 million from record revenue in the same period last year. Increased revenue from many of the firm's fiduciary activities, reflecting mainly new business in retirement services and private banking, was offset by lower performance-based fees from foreign exchange funds managed.
 Fees and commissions of $173 million were $36 million higher than in the second quarter of 1992. Corporate finance fees of $102 million, included therein, increased by $33 million to their highest level in more than three years, driven by higher revenue from securities underwriting and loan and lease syndication activities.
 Other noninterest revenue totaled $70 million, up $37 million from the prior year's quarter. The largest component of this increase was a $30 million rise in net revenue from equity investments, as the current quarter included a $15 million gain on the sale of a holding in a domestic retailer, while the year- ago quarter included approximately $20 million of write-offs. In addition, insurance premium revenue increased by $7 million, to $27 million. Partially offsetting these factors were losses from the revaluation of non-trading foreign currency positions (most of which related to hyperinflationary countries), versus a modest gain in the prior year.
 Noninterest Expenses
 Total noninterest expenses of $749 million increased by $160 million, or 27 percent, from the second quarter of 1992. This increase was due primarily to higher incentive compensation, in line with the improved results.
 Personnel related expenses increased 33 percent from the year- earlier period, to $480 million. Incentive compensation and employee benefits expense increased $106 million, or 51 percent, reflecting the higher incentive compensation. Salaries expense increased $14 million, or 9 percent, mostly due to a 7 percent increase in the average number of employees.
 Non-personnel related expenses totaled $269 million for the quarter, up $40 million, or 17 percent, from last year's second quarter. Increases in other real estate expense, the provision for policyholder benefits, and agency personnel fees accounted for approximately three- fourths of this increase.
 Asset Quality
 The provision for credit losses for the quarter was $23 million, compared with $75 million in the prior year's second quarter. Net charge-offs for the quarter were $51 million, down from $109 million a year ago. The current quarter included net charge-offs of $44 million of real estate loans, as well as $25 million of gross charge-offs of nonperforming medium- and long-term loans to Brazilian borrowers.
 Total cash basis loans declined by $177 million, or 13 percent, to $1.195 billion during the second quarter. The allowance for credit losses at June 30, 1993 was $1.501 billion, representing 126 percent of total cash basis loans.
 Income Taxes
 The effective tax rate for the current quarter was 30 percent, unchanged from the second quarter of 1992.
 Six Months Results
 For the first six months of 1993, the Corporation's earnings before the cumulative effects of accounting changes totaled a record $481 million, compared with $340 million a year earlier, for an increase of 41 percent. On the same basis, earnings per share were $5.66, compared with $3.92, up 44 percent. The Corporation's return on average common equity for the first half of 1993 was 25 percent, also excluding the cumulative effects of accounting changes.
 Adoption of Accounting Standards
 As previously reported, in the first quarter of 1993, the Corporation adopted accounting standards for income taxes (SFAS 109), postretirement benefits other than pensions (SFAS 106) and postemployment benefits (SFAS 112). The Corporation adopted SFAS 109 retroactively to January 1, 1992, resulting in the restatement of earnings for each quarter of 1992.
 Capital
 Common stockholders' equity of $3.836 billion at June 30, 1993 was up $142 million from March 31, 1993, primarily due to the retention of earnings. The preferred stock component of total stockholders' equity decreased by $63 million during the quarter, as the Corporation redeemed the last outstanding series of its Money Market Cumulative Preferred Stock.
 The Corporation estimated that its ratios of Tier 1 Capital and Total Capital to risk-adjusted assets were approximately 8.10 percent and 14.10 percent, respectively, at June 30, 1993. The Leverage Ratio was 5.84 percent at that same date.
 BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
 FINANCIAL STATISTICS
 ($ in millions, except per share data)
 (unaudited)
 First
 Second Quarter Quarter Six Months
 1993 1992 1993 1993 1992
 Inc. bef. cumulative effects
 of accounting changes $251 $186 $230 $481 $340
 Cumulative effects of
 accounting changes - - (75) (75) 446
 Net income $251 $186 $155 $406 $786
 Per common share:
 Income before
 cumulative effects
 of accounting changes $2.97 $2.16 $2.69 $5.66 $3.92
 Cumulative effects
 of accounting changes - - (.91) (.91) 5.39
 Net income $2.97 $2.16 $1.78 $4.75 $9.31
 Cash dividends
 declared $.78 $.70 $.78 $1.56 $1.40
 Book value (A) $45.66 $42.66 $43.85
 Profitability ratios
 Return on avg. common
 stockholders'equity 26.07 pct. 20.43 pct. N/M N/M N/M
 - Excluding cumulative
 effects of accounting
 changes
 (in percents)(B) 25.56 23.39 24.28 24.93 21.63
 Return on avg. total assets
 (in percents) 1.16 .98 N/M N/M N/M
 - Excluding cumulative
 effects of
 accounting changes
 (in percents)(B) 1.16 .99 1.18 1.17 .95
 Net interest revenue (fully
 taxable basis) $319 $252 $315 $634 $475
 Avg. rates (fully taxable
 basis)
 Yield on interest-earning
 assets (in percents) 5.50 6.34 5.89 5.68 6.58
 percent
 Cost of interest-bearing
 liabilities
 (in percents) 4.33 5.33 4.51 4.41 5.57
 Interest rate spread 1.17% 1.01% 1.38% 1.27% 1.01%
 Net interest margin 1.61% 1.51% 1.79% 1.70% 1.51%
 Average balances
 Loans $15,593 $16,546 $16,278 $15,934 $16,831
 Total interest-earning
 assets $79,268 $67,278 $71,322 $75,317 $63,356
 Total assets $86,752 $76,237 $79,266 $83,030 $72,534
 Total interest-bearing
 liabilities $71,210 $60,985 $64,802 $68,024 $57,692
 Common stockholders'
 equity $3,785 $3,524 $3,650 $3,718 $3,467
 Total stockholders'
 equity $4,043 $4,024 $4,100 $4,071 $3,967
 At end of period
 Common stockholders'
 equity to total
 assets 4.57% 4.77% 4.65%
 Total stockholders'
 equity to total
 assets 4.87% 5.44% 5.04%
 Risk-based capital
 ratios
 (1992 year-end
 guidelines)
 Tier 1 Capital (C) 8.10% 6.86% 7.85%
 Total Capital (C) 14.10% 12.36% 13.82%

 Leverage Ratio 5.84% 5.81% 6.24%
 Employees 13,406 12,458 13,153
 N/M Not meaningful.
 (A) This calculation includes common shares issuable under deferred stock awards.
 (B) In each case, the cumulative effects of accounting changes have been excluded from the returns for their respective years of adoption.
 (C) Amounts at June 30, 19931) 2.58 3.1


3
 (1) Nonaccruing loans, restructured loans yielding less
 than the Bank's cost of funds, real estate acquired
 as a result of foreclosure or deed in lieu thereof,
 and in-substance foreclosures.
 -0- 7/22/93
 /CONTACT: James S. Patterson, Vice President Corporate Communications, Great Lakes Bancorp, 313-769-8300, Ext. 4116/
 (GLBC)


CO: Great Lakes Bancorp ST: Michigan IN: FIN SU: ERN

SB -- DE009 -- 4381 07/22/93 09:52 EDT
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Date:Jul 22, 1993
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