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OLD KENT FIRST-QUARTER EARNINGS UP BY 25 PERCENT

 GRAND RAPIDS, Mich., April 15 /PRNewswire/ -- Old Kent Financial Corporation (NASDAQ-NMS: OKEN) started 1993 with record earnings for its first quarter.
 Fully diluted net income per common share was $.74 for the first quarter, a 25.4-percent increase over the $.59 earned in the year-ago quarter. Net income for the first quarter of 1993 was $30.1 million, up 22.5 percent from the $24.6 million earned in 1992's first quarter.
 The return on average assets was 1.36 percent for the first quarter of 1993 in comparison to the 1.13-percent asset return for that quarter of 1992. The quarterly return on average equity was 16.39 percent, substantially better than the 14.80-percent equity return reported for last year's first quarter. Old Kent's net interest margin for the first three months of 1993 was 4.96 percent compared to 4.53 percent for the same 1992 period.
 John C. Canepa, chairman, president and CEO, attributed the record performance to strong interest margins, improved credit quality, and Old Kent's continuing focus on enhanced fee-based revenues and expense control. Canepa added that the corporation's Jan. 1 acquisition of University Financial Corporation (Elgin, Ill.) also favorably influenced the operating results.
 Old Kent Financial Corporation had assets of $9.1 billion and total equity of $746 million at March 31, 1993. Old Kent is a bank holding company headquartered in Grand Rapids, with 15 affiliate banks and 195 offices throughout Michigan, and one affiliate bank with 18 offices in Illinois.
 OLD KENT FINANCIAL CORPORATION
 EARNINGS SUMMARY: Percentage
 Quarter ended March 31: 1993 1992 Change
 Net income $30,104,000 $24,580,000 22.5
 Earnings per share:
 Primary $.74 $.61 21.3
 Fully diluted $.74 $.59 25.4
 BALANCE SHEET DATA AT MARCH 31:
 Loans $5,068,917,000 $5,025,027,000 .9
 Securities 3,276,245,000 3,051,307,000 7.4
 Deposits 7,619,162,000 7,385,933,000 3.2
 Assets 9,127,237,000 8,965,660,000 1.8
 Shareholders' equity 746,318,000 651,190,000 14.6
 -0- 4/15/93
 /CONTACT: Richard W. Wroten, chief financial officer, Old Kent Financial Corporation, 616-771-5808/
 (OKEN)


CO: Old Kent Financial Corporation ST: Michigan IN: FIN SU: ERN

ML -- DE018 -- 6252 04/15/93 12:27 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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