Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 19, 1994 TAG: 9401190054
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Central Fidelity Banks Inc. has reported record earnings for 1993, its 19th consecutive year of increased earnings.
Income for the year was $102.9 million, or $2.66 a share, up 31.1 percent from $78.5 million, or $2.25 a share, the prior year.
Fourth-quarter net income rose 15.9 percent to $25.7 million, or 66 cents a share, versus the prior year's $22.2 million, or 58 cents.
Chairman Carroll Saine said the bank placed a strong emphasis during the year on loan growth.
"We are very pleased with our results to date," Saine said. "While we do not anticipate loan growth to continue at its current pace, we are confident that the momentum is in place for continued strong loan growth for 1994 in all sectors of the loan portfolio."
Total loans increased 21.7 percent to $4.8 billion, led by first-mortgage real estate loans, other consumer loans and commercial loans.
Deposits were virtually unchanged due to substantially lower growth in certificates of deposit, the bank said.
Nonperforming assets stood at $132 million at year end, compared with $135 million at the end of the third quarter and $112 million a year ago.
Assets grew 10.9 percent to $9.6 billion.
NationsBank Corp.
NationsBank Corp. has reported 1993 earnings of $1.5 billion, up 31 percent from the $1.15 billion earned in 1992.
Earnings per share rose 26 percent, from $4.60 to $5.78.
Fourth-quarter income was up 59 percent, to $373 million from $234 million for the 1992 quarter. Earnings per share were up from 92 cents to $1.37.
Chairman Hugh McColl called 1993 a record-breaking year. "From credit quality to loan growth to earnings, we have produced on our promises of increased revenues and reduced costs," he said.
McColl cited two "notable successes" - improved credit quality and loan growth.
Loans, he said, rose 10 percent last year "which was significant when compared to loan growth of other banks and the overall growth of the economy." He said consumer and commercial lending increased across its system.
The 1993 results included a one-time tax benefit of $200 million from adoption of a new accounting standard in the first quarter.
Adjusting for this item and last year's lower tax rate, he said, 1993 income increased 43 percent, to $1.3 billion from $912 million.
Average loans and leases totaled nearly $91 billion and deposits were $83.5 billion.
Total assets were $158 billion.
by CNB