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FIRST NATIONWIDE REPORTS THIRD-QUARTER RESULTS

 SAN FRANCISCO, Oct. 27 /PRNewswire/ -- First Nationwide Financial Corp. today announced a net loss of $7 million for the third quarter of 1993, compared with a net loss of $25 million for the same period last year. For the first nine months of 1993, the company reported a net loss of $42 million, compared with a net loss of $48 million in 1992.
 Included in 1993 third-quarter results are net earnings of $21 million at First Nationwide Bank, the banking operation of First Nationwide Financial Corp. These results compare with a net loss of $23 million for the 1992 third quarter. Earnings at the bank totaled $38 million for the first nine months of 1993, compared with a net loss of $38 million the first nine months of 1992.
 The bank's significant earnings improvement reflects reductions in credit losses and non-performing assets, continued improvements in operating costs and a gain on sale of assets. Credit losses were reduced to $48 million, from $64 million a year ago, and non-performing assets were $1 billion, compared with $1.3 billion a year earlier. Operating costs for the quarter were $87 million, an improvement of $21 million, or 19 percent from the third quarter of 1992. At the end of the 1993 third quarter, assets at First Nationwide Bank were $16.1 billion, compared with $19.5 billion at the end of the 1992 third quarter.
 First Nationwide Bank's capital levels continue to exceed all federal requirements by a substantial margin. At the end of the 1993 third quarter, the bank reported 6.9 percent core capital and 12.2 percent risk-based capital.
 First Nationwide Financial Corp. is a wholly owned subsidiary of Ford Motor Co. (NYSE:F) and part of the Ford Financial Services Group. The company operates 182 retail branches in eight states and 32 loan offices in six states.
 -0- 10/27/93
 /CONTACT: Linda Rosso, 415-904-1202, or Amanda Duckworth, 415-433-5381, both of First Nationwide Financial/
 (F)


CO: First Nationwide Financial Corp. ST: California IN: FIN AUT SU: ERN

GT-TM -- SF006 -- 7230 10/27/93 11:19 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
Words:348
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