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WACHOVIA ANNOUNCES FOURTH QUARTER EARNINGS

 WINSTON-SALEM, N.C., Jan. 13 /PRNewswire/ -- Wachovia Corporation's (NYSE: WB) net income per fully diluted share was $.71 for the fourth quarter of 1993, an increase of 12.9 percent from $.63 per share a year earlier. Net income in the last quarter was $123 million, a gain of 12.2 percent from $109.7 million in the same period of 1992, and represented annualized returns of 16.8 percent on shareholders' equity and 1.39 percent on assets.
 For the full year, net income per fully diluted share was $2.81, up 13.5 percent from $2.48 per share earned in 1992. Net income for 1993 rose 13.6 percent to $492.1 million from $433.2 million and represented strong returns of 17.1 percent on equity and 1.46 percent on assets.
 The excellent earnings growth for the quarter and year resulted from expanded net interest income and healthy gains in other service revenues combined with careful expense management and reduced provisions for credit losses, according to L.M. Baker Jr., chief executive officer.
 Total average interest-earning assets increased $2.812 billion or 9.8 percent for the quarter and $1.683 billion or 6 percent for 1993 over the previous year. Average loans grew $1.573 billion or 7.6 percent for the fourth period and $1.514 billion or 7.6 percent for the full year.
 Taxable equivalent net interest income increased $11 million or 3.2 percent for the final three months and $48.4 million or 3.6 percent for the year. Total noninterest income rose $19.4 million or 13.8 percent for the quarter and $71.4 million or 12.8 percent for the year. Noninterest expense was up $18.4 million or 6.5 percent for the quarter and $35.6 million or 3.2 percent for the year.
 The provision for loan losses was $18 million for the three months and $92.7 million for the year versus $28.6 million and $119.4 million in the same periods in 1992. Net loan losses were $17.3 million or .31 percent of average loans for the quarter and $67.4 million or .31 percent for the year, reduced from $28.3 million or .55 percent of loans and $95.2 million or .48 percent, respectively, in 1992.
 At Dec. 31, 1993, nonperforming assets were $155 million or .67 percent of loans and foreclosed property. The allowance for loan losses was $405 million or 1.76 percent of loans and 372 percent coverage of nonperforming loans. Equity capital to assets was 8.26 percent, while the approximate Tier I and total risk-based capital ratios were 9.7 percent and 12.8 percent, respectively.
 -0- 1/13/94
 /CONTACT: (Media) Nancy P. Lovelace, 919-770-5696, or (Analyst) Robert S. McCoy Jr., chief financial officer, 919-770-5926, or James C. Mabry, Investor Relations, 919-770-5788, all of Wachovia Corporation/
 (WB)


CO: Wachovia Corporation ST: North Carolina IN: FIN SU: ERN

CM -- CH002 -- 1698 01/13/94 09:12 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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