CRESTAR EARNINGS

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

DATE: WEDNESDAY, April 14, 1993                   TAG: 9304140096
SECTION: BUSINESS                    PAGE: B6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short
CRESTAR EARNINGS
Crestar Financial Corp., Richmond parent of Crestar Bank, on Tuesday reported net income of $30.9 million, or 83 cents per share, for the first quarter of 1993. That is more than double the $13.7 million or 40 cents per share the company earned in the first quarter of 1992.
Crestar said strong growth in core business, such as income from deposit accounts, trust and investment advisory services, resulted in noninterest income increasing to $60.4 million for the first quarter of 1993, compared with $56 million a year earlier.
Charge-offs for soured loans declined 33 percent, from $30.4 million or 1.76 percent of average loans in last year's first quarter to $20.5 million or 1.28 percent of average loans in the current quarter, Crestar said.
Nonperforming assets, those which earn no income, fell by $26.8 million during the quarter to $194.0 million or 3.02 percent of loans and foreclosed properties at the end of the quarter. That total includes $118.9 million in nonperforming loans and $75.0 million in other real estate owned. This compares with $319.0 million in nonperforming assets a year earlier.
The bank said its allowance for bad-loan losses was $203 million at the end of the quarter and represented 3.19 percent of all its loans.

by Bhavesh Jinadra by CNB