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NATIONAL CITY CORPORATION REPORTS RECORD FIRST QUARTER EARNINGS

 CLEVELAND, April 16 /PRNewswire/ -- National City Corporation (NYSE: NCC) today reported record first quarter earnings.
 Net income for the three months ended March 31, 1993 was $95.3 million, or $1.13 per common share, compared with $82.1 million, or $1.00 per common share, for the same quarter of 1992, reflecting a 13 percent per share increase.
 Return on average common equity for the first quarter was 15.88 percent, up from 15.12 percent a year ago. Return on average assets for the first quarter was 1.38 percent, up from 1.14 percent for the same quarter last year.
 The improvement in earnings from a year ago was due primarily to a decline in the provision for loan losses, to $25.4 million from $41.8 million in 1992. Net interest income increased from a year ago as stronger interest margins more than offset the decline in earning assets. Fee income increased by 5 percent and noninterest expenses increased 3 percent during the first quarter compared with the same quarter a year ago. Excluding the impact of JBS Associates, Inc., acquired in a purchase transaction on February 1, 1993, noninterest expenses were stable compared with the first quarter of 1992. Compared to the fourth quarter of 1992, noninterest expenses, including JBS, declined approximately 6 percent.
 Nonperforming assets declined for the eighth consecutive quarter to $329 million at March 31, 1993, compared with $367 million at Dec. 31, 1992 and $496 million at March 31, 1992. Nonperforming assets at quarter-end represented 1.8 percent of loans and foreclosed real estate compared with 2.6 percent one year ago. The allowance for loan losses as a percentage of loans was 2.1 percent at March 31, 1993.
 Total assets at March 31, 1993 were $27.8 billion and stockholders' equity was $2.6 billion. The corporation's equity capital as a percentage of assets rose to 9.32 percent at March 31, 1993 compared with 8.04 percent a year ago. Loans were $18.6 billion and total deposits were $21.3 billion.
 After-tax security gains were $.02 per share in the first quarter of 1993 compared with $.06 per share for the quarter ending March 31, 1992.
 National City Corporation is a $28 billion diversified financial services company headquartered in Cleveland. National City operates banks and other financial services subsidiaries principally in Ohio, Kentucky and Indiana.
 NATIONAL CITY CORPORATION
 FINANCIAL HIGHLIGHTS
 (Dollars in Thousands Except Per Share Amounts)
 Percent
 1993 1992 Change
 FOR THE FIRST QUARTER:
 Net Income $ 95,322 $ 82,105 16 pct
 Preferred Dividend Requirements 4,000 4,000 --
 Net Income Applicable
 to Common Stock 91,322 78,105 17
 Net Income Per Common Share 1.13 1.00 13
 Dividends Paid Per Common Share .52 .47 11
 Avg. Common Shares Outstanding. 80,845,124 78,174,080 3
 Return on Avg. Common Equity 15.88 pct 15.12 pct
 Return on Avg. Assets 1.38 1.14
 AT MARCH 31:
 Assets $27,837,513 $28,851,693 (4) pct
 Loans 18,597,048 19,107,427 (3)
 Deposits 21,251,531 22,367,644 (5)
 Stockholders' Equity 2,594,295 2,319,285 12
 Common Shares Outstanding 80,159,821 77,994,968 3
 Book Value Per Common Share $ 29.87 $ 27.17 10
 Market Value Per Common Share 52.25 40.88 28
 All prior year's data have been restated to reflect the pooling-of- interests acquisition of Merchants National Corporation.
 -0- 4/16/93
 /CONTACT: Thomas A. Richlovsky, senior vice president & treasurer, 216-575-2126, or Janis E. Lyons, vice president, investor relations, 216-575-3329; both of National City Corporation/
 (NCC)


CO: National City Corporation ST: Ohio IN: FIN SU: ERN

BM -- CL003 -- 6589 04/16/93 07:49 EDT
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Date:Apr 16, 1993
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