NATIONSBANK CHALKS UP A GREAT DEBUT

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, January 19, 1993                   TAG: 9301190143
SECTION: BUSINESS                    PAGE: A-3   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium
NATIONSBANK CHALKS UP A GREAT DEBUT
NationsBank Corp. said Monday it earned $1.15 billion last year, more than five times more than 1991's $202 million. Earnings per share rose from 76 cents to $4.60.
In the fourth quarter, the Charlotte, N.C.-based company, with banking and mortgage lending operations in Western Virginia, had income of $234 million, or 92 cents a share, compared to a loss of $244 million or $1.08 a share. The 1992 figure included a one-time $50 million reserve for merger-related closings and consolidations. A merger restructuring charge of $314 million was taken the prior year.
Chairman Hugh McColl called the bank's first year "extraordinarily successful" with accomplishments "unprecedented in U.S. banking."
NationsBank, the fourth-largest bank in the Unites States with 1,700 offices in nine states and the District of Columbia, was created in early 1992 by merger of C&S/Sovran Corp. of Norfolk and Atlanta and NCNB Corp. of Charlotte.
McColl said about 300 of 400 merger projects were completed during the year, putting NationsBank ahead of its growth schedule. Its non-performing assets were reduced $807 million or 29 percent.
Average deposits in 1992 were $82.7 billion compared to $87.6 billion a year earlier. Consumer deposits fell from $79.3 billion to $77.3 billion. Loans declined slightly to $68.2 billion, but the bank said the amount of loans rose at a 13 percent annualized rate in the second half after falling in 1991 and early 1992. At the end of last year, it had assets of $118 billion.
Reynolds Metals
Reynolds Metals Co. on Monday reported a fourth-quarter loss of $152.1 million, or $2.55 a share, and blamed the losses partly on environmental cleanup costs and plant restructuring. In 1991's final quarter, the Richmond-based metal manufacturer reported a profit of $23.7 million, or 40 cents per share.
Reynolds said it incurred after-tax charges of $155 million related to environmental and restructuring costs. Revenues were $1.35 billion, compared to $1.45 billion in the year-earlier period.
Reynolds reported a 1992 loss of $748.8 million, or $12.56 per share, on income of $154.1 million, or $13.31 a share. Revenues were $5.66 billion vs. $5.78 billion.

by Bhavesh Jinadra by CNB