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NAB ASSET CORPORATION ANNOUNCES FIRST QUARTER 1993 RESULTS

 HOUSTON, May 18 /PRNewswire/ -- NAB Asset Corporation (NASDAQ: NABC) today announced that for the quarter ended March 31, 1993, it had net income of $94,000, or $.02 per share, compared to net income of $555,000, or $.13 per share for the quarter ended March 31, 1992.
 For the quarter ended March 31, 1993, the company reported operating income of $440,000, compared to operating income of $886,000 for the quarter ended March 31, 1992. Included in operating income for the 1993 quarter was $161,000 of management fees relating to the management and collection of loans for two partnerships in which subsidiaries of the company act as the general partners. Other income for the quarter ended March 31, 1993, was $76,000, compared to $89,000 for the quarter ended March 31, 1992. The March 31, 1992 net income included $150,000 of a non-recurring nature and $209,000 in gains relating to a loan portfolio purchased by the company in December 1991. This portfolio is almost fully collected and resulted in $29,000 in gains in the quarter ended March 31, 1993.
 NAB Asset Corporation is a financial services corporation that is primarily engaged in the acquisition and collection of loans, acting as the general partner for various partnerships and in collecting loans and disposing of real estate acquired through the acquisition of National Asset Bank (a bank in liquidation).
 -0- 5/18/93
 /CONTACT: Richard Durham, senior vice president and chief financial officer of NAB Asset Corporation, 713-952-6800/
 (NABC)


CO: NAB Asset Corporation ST: Texas IN: FIN SU: ERN

SH -- NY092 -- 9839 05/18/93 14:01 EDT
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Publication:PR Newswire
Date:May 18, 1993
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