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ITT FINANCIAL CORPORATION ANNOUNCES THIRD QUARTER EARNINGS

 ITT FINANCIAL CORPORATION ANNOUNCES THIRD QUARTER EARNINGS
 NEW YORK, Nov. 4 /PRNewswire/ -- ITT Corporation (NYSE: ITT) today announced that its ITT Financial Corporation subsidiary had net income of $34.4 million in the quarter ended Sept. 30, 1992 compared with $11.1 million in the prior year's third quarter. Income for the first nine months of 1992 was $70.0 million, up from $54.2 million in the same period of 1991.
 On a year-to-date basis, income before taxes and before the cumulative effect of an accounting change was $106.6 million, up 74 percent from $61.1 million in the same period of 1991. The increase reflects improved consumer loss experience, lower interest rates on borrowings and increased capital gains. These effects were only partly offset by higher operating costs and a decline in the consumer small loan portfolio.
 Revenues in the first nine months of 1992 were $1,468.4 million, down slightly (2 percent) from the prior year, despite higher capital gains and the inclusion of ITT Bowest Corporation. The revenue decline was due in part to lower interest rates, affecting yield on some receivables, and to lower consumer small loan outstandings. For the year to date, gains on the sale of securities totaled $40.3 million before taxes, up from $32.1 million in the comparable 1991 period.
 ITT Financial's gross receivables at Sept. 30, 1992 totaled $10.8 billion, up 2 percent from Sept. 30, 1991. Consumer receivables comprised 57 percent and commercial receivables 43 percent of this total, compared with 62 percent and 38 percent 12 months ago.
 ITT Financial Corporation, a wholly-owned subsidiary of ITT Corporation, is one of the leading independent finance companies in North America. Its diversified financial services are offered to consumers and businesses through more than 765 offices in 37 states and the Caribbean Basin.
 -0- 11/4/92
 /CONTACT: Jim Gallagher, 212-258-1261, or W. Gene Gerard, 314-821-6060, both for ITT Corporation/
 (ITT) CO: ITT Corporation; ITT Financial Corporation ST: New York IN: FIN SU: ERN


SH -- NY024 -- 2398 11/04/92 10:43 EST
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Publication:PR Newswire
Date:Nov 4, 1992
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