Printer Friendly

NATIONAL CITY CORPORATION REPORTS THIRD QUARTER EARNINGS INCREASE OF 13 PERCENT

 CLEVELAND, Oct. 15 /PRNewswire/ -- National City Corporation (NYSE: NCC) today reported earnings for the third quarter and first nine months of 1993.
 Net income for the three months ended Sept. 30, 1993, was $102.7 million, or $.61 per common share, compared with $89.6 million, or $.54 per common share, for the same quarter of 1992, representing a 13 percent increase per share. Net income for the first nine months was $300.5 million, or $1.79 per common share, compared with $256.9 million, or $1.55 per common share for the same period a year ago, an increase of 15 percent per share. Prior period earnings per share have been restated to reflect the two-for-one stock split which was effective in July 1993.
 Return on average common equity for the third quarter was 16.26 percent, up from 15.57 percent a year ago. Return on average assets for the third quarter was 1.43 percent, up from 1.26 percent for the same quarter last year. For the nine months ended Sept. 30, 1993, these measures were 16.26 percent and 1.42 percent, respectively.
 The higher earnings for the third quarter and first nine months were the result of several factors including: a continuing decline in the provision for loan losses, higher fee income, and growth in net interest income resulting from stronger net interest margins. The third quarter and year-to-date earnings also benefitted from increased loan outstandings relative to the same periods a year ago.
 Nonperforming assets declined for the tenth consecutive quarter to $248 million at Sept. 30, 1993, compared with $367 million at Dec. 31, 1992, and $442 million at Sept. 30, 1992. Nonperforming assets at quarter-end represented only 1.23 percent of loans and foreclosed real estate compared with 2.33 percent one year ago. The allowance for loan losses as a percentage of loans was 2.00 percent at Sept. 30, 1993.
 Total assets at Sept. 30, 1993, were $28.9 billion and stockholders' equity was $2.7 billion. The corporation's equity capital as a percentage of assets rose to 9.2 percent at Sept. 30, 1993, compared with 8.51 percent a year ago. Loans were $20.0 billion and total deposits were $21.1 billion.
 After-tax security gains were $.01 per share in the third quarter of 1993 compared with $.02 per share for the quarter ending Sept. 30, 1992. Year to date, after-tax security gains were $.03 per share, compared with $.07 per share a year ago.
 National City Corporation is currently a $30 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 THIRD QUARTER:
 Net Income $ 102,676 $ 89,623 15 pct
 Preferred Dividend Requirements 4,000 4,000 --
 Net Income Applicable
 to Common Stock 98,676 85,623 15
 Net Income Per Common Share .61 .54 13
 Dividends Paid Per Common Share .27 .235 15
 Avg. Common Shares Outstanding 160,109,139 158,356,120 1
 Return on Avg. Common Equity 16.26 pct 15.57 pct
 Return on Avg. Assets 1.43 1.26
 NINE MONTHS ENDED SEPTEMBER 30:
 Net Income $ 300,452 $256,873 17 pct
 Preferred Dividend Requirements 12,000 12,000 --
 Net Income Applicable
 to Common Stock 288,452 244,873 18
 Net Income Per Common Share 1.79 1.55 15
 Dividends Paid Per Common Share .79 .705 12
 Avg. Common Shares Outstanding 160,968,761 157,901,540 2
 Return on Avg. Common Equity 16.26 pct 15.34 pct
 Return on Avg. Assets 1.42 1.20
 AT SEPTEMBER 30:
 Assets $28,874,763 $28,585,466 1 pct
 Loans 20,016,041 18,766,509 7
 Deposits 21,055,205 21,980,894 (4)
 Common Stockholders' Equity 2,457,321 2,233,349 10
 Total Stockholders' Equity 2,657,321 2,433,349 9
 Common Shares Outstanding 158,243,950 157,006,500 1
 Book Value Per Common Share $15.53 $14.22 9
 Market Value Per Common Share 26.75 22.19 21
 Note: Prior period common stock and per share data have been adjusted to reflect the two-for-one stock split which was effective in July 1993.
 -0- 10/15/93
 /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/
 (NCC)


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

KL -- CL003 -- 2583 10/15/93 08:06 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1993
Words:769
Previous Article:FIFTH THIRD BANCORP REPORTS 19.4 PERCENT INCREASE IN THIRD QUARTER NET INCOME
Next Article:KELLOGG COMPANY REPORTS RECORD THIRD-QUARTER EARNINGS PER SHARE OF 90 CENTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters