Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, October 19, 1993 TAG: 9310190031
SECTION: BUSINESS PAGE: B6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Signet Banking Corp. said Monday it earned $45.8 million or 80 cents a share in the third quarter, up 60 percent over last year's $28.6 million or 51 cents a share.
For the nine months, Signet reported earning $124.5 million or $2.19 a share, an increase of 61 percent from $77.4 million or $1.40 a share last year.
The per-share data was adjusted to reflect the two-for-one stock split declared June 23.
Chairman Robert M. Freeman attributed the results to higher interest income and to increased income from "significant growth" in its portfolio of credit card accounts.
He also said improved credit quality of loans and lower charge-offs for bad loans resulted in reduced levels of loan loss provisions, or money set aside to cover likely bad loans.
Nonperforming loans declined for the eighth consecutive quarter, Freeman said. The company said this was because of its "aggressive initiatives" in managing loan quality and in liquidating non-performing assets in the real estate portfolio.
Total assets reached $11.7 billion.
The bank had loans of $5.8 billion, up 6 percent from the third quarter of 1992 but down slightly from the second quarter. Deposits of $7.8 billion were up a modest 1 percent from last year and relatively unchanged from the previous quarter.
\ NationsBank
NationsBank Corp. reported Monday it earned $341 million or $1.33 a share in the third quarter.
Comparable figures for the same period last year were $350 million or $1.40 a share.
The company said several one-time items and a higher tax rate masked the company's strong performance.
It said pretax operating income was $507 million compared to $342 million last year.
Third-quarter results included a one-time restructuring expense of $30 million or 8 cents a share after taxes for acquisition of MNC Financial Inc.
Last year's third quarter, on the other hand, included a $55 million pretax gain, or 18 cents a share after taxes, on sale of Sovran Mortgage.
For the first nine months, net income rose to $1.13 billion or $4.42 a share compared to last year's $911 million or $3.69 a share.
The company said pretax operating income before securities gains and one-time items climbed 71 percent to $1.36 billion from $799 million last year.
The fourth-largest bank in the country, NationsBank has assets of nearly $140 billion.
\ United Dominion Realty Trust Inc.
United Dominion Realty Trust Inc., Richmond owner of apartments and industrial property in Roanoke and Salem, on Monday reported third quarter funds from operations of $8.0 million or 20 cents per share compared with $5.9 million or 17 cents per share for the third quarter last year, an increase of 17 percent per share. For the third quarter, the trust reported rental income of $22.7 million, income from property operations excluding depreciation of $12.7 million and net income of $2.9 million or 7 cents per share. All were up significantly over the third quarter last year, when the trust reported rental income of $16.1 million, income from property operations excluding depreciation of $9.0 million and net income of $1.9 million or 5 cents per share.
For the first nine months of this year, the trust reported funds from operations of $22.7 million or 61 cents per share on rental income of $64.6 million income from property operations excluding depreciation of $37.5 million and net income of $7.8 million or 21 cents per share.
by CNB