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OLD KENT REPORTS RECORD QUARTERLY EARNINGS

 OLD KENT REPORTS RECORD QUARTERLY EARNINGS
 GRAND RAPIDS, Mich., April 16 /PRNewswire/ -- During the first


quarter of 1992, Old Kent Financial Corporation (NASDAQ-NMS: OKEN) achieved the highest earnings of any quarter since the holding company was formed in 1972.
 John C. Canepa, chairman, president and CEO, commented, "The first quarter benefited from favorable results in our basic businesses including stronger interest margins, growing fee-based revenues and increased operating efficiencies."
 Fully diluted net income per share was $.89 for the first quarter, a 9.9-percent increase over the $.81 earned in the first quarter of 1991. Net income for the three months ended March 31, 1992, was $24.6 million, up from $22.4 million earned in the same period last year.
 The return on average assets was 1.13 percent for the first quarter of 1992, compared to 1.10 percent in that quarter of 1991. During the same period, the return on average equity increased to 14.80 percent from 14.62 percent during the first quarter of 1991.
 Canepa concluded, "Achieving these results is especially pleasing because we have simultaneously strengthened the corporation's balance sheet by building reserves while maintaining our trend of earnings growth."
 Old Kent Financial Corporation is a bank holding company headquartered in Grand Rapids with 16 affiliate banks and 204 banking offices located in Michigan and Illinois. Old Kent reported total assets of $9.0 billion at March 31, 1992.
 OLD KENT FINANCIAL CORPORATION
 EARNINGS SUMMARY
 Quarter Ended March 31: 1992 1991 Percentage
 Change
 Net income $24,580,000 $22,415,000 9.7
 Earnings per share:
 Primary $.92 $.84 9.5
 Fully diluted $.89 $.81 9.9
 Balance Sheet Data at March 31:
 Loans $5,025,027,000 $5,257,452,000 (4.4)
 Investment securities 3,051,307,000 2,188,837,000 39.4
 Deposits 7,385,933,000 6,848,768,000 7.8
 Assets 8,965,660,000 8,208,986,000 9.2
 Shareholders' equity 651,190,000 622,392,000 4.6
 -0- 4/16/92
 /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


JG -- DE031 -- 9491 04/16/92 16:34 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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