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OLD KENT THIRD-QUARTER EARNINGS UP 17 PERCENT

 GRAND RAPIDS, Mich., Oct. 14 /PRNewswire/ -- Old Kent Financial Corporation (NASDAQ-NMS: OKEN) reported record earnings for its most recently completed quarterly period.
 Net income was $33.9 million for the third quarter of 1993, an increase of 1.6 percent over the $28.8 million earned in the same period last year. Fully diluted net income per common share was $.83 for the quarter ended Sept. 30, 1993, up by 17 percent in comparison to $.71 per share for the same period in 1992.
 The return on average equity was 17.33 percent for the three months ended Sept. 30, 1993, up from a 16.62-percent euity return for the third quarter of 1992. The return on average total assets was 1.45 percent for the third quarter of 1993 in comparison to 1.32 percent for the year-ago quarter.
 For the nine months ended Sept. 30, 1993, fully diluted earnings per share were $2.39, up 20 percent from the $1.99 earned in the first nine months of 1992. Net income for the nine months ended Sept. 30, 1993, was $97.4 million, or 19.2 percent more than the $81.7 million of net income reported for the same year-ago period. The nine-month return on average equity was 17.14 percent for 1993, up from 16.17 percent for the first nine months of 1992. The return on assets was 1.42 percent for the nine-month period ended Sept. 30, 1993, compared to 1.25 percent for the same period in 1992.
 John C. Canepa, chairman, president and CEO, credited the record earnings to improved asset quality, balance sheet growth, a thriving mortgage banking business, and improved non-interest revenues. Canepa also emphasized Old Kent's ongoing commitment to increasing shareholder value. He commented that the corporation is gearing itself for the challenges of 1994 and beyond and will focus on increasing fee-based revenues and on becoming an even more cost-effective provider of financial products and services.
 Old Kent Financial Corporation had assets of $9.5 billion and total equity of $793 million at Sept. 30, 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 BANK CORPORATION
 EARNINGS SUMMARY: 1993 1992 Percentage
 Change
 Quarter ended Sept. 30:
 Net income $33,893,000 $28,815,000 17.6
 Earnings per share:
 Primary $.83 $.71 16.9
 Fully diluted $.83 $.71 16.9
 Nine months ended Sept. 30:
 Net income $97,418,000 $81,720,000 19.2
 Earnings per share:
 Primary $2.39 $2.03 17.7
 Fully diluted $2.39 $1.99 20.1
 Balance Sheet Data
 at Sept. 30:
 Loans $5,173,684,000 $4,904,237,000 5.5
 Securities 3,300,819,000 3,145,240,000 4.9
 Deposits 7,713,921,000 7,310,685,000 5.5
 Assets 9,515,445,000 8,732,968,000 9.0
 Shareholders' equity 793,272,000 706,306,000 12.3
 -0- 10/14/93
 /CONTACT: Richard W. Wroten, chief financial officer of Old Kent Financial Corporation, 616-771-5808/
 (OKEN)


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

JG -- DE031 -- 2287 10/14/93 13:21 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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