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

DATE: WEDNESDAY, July 14, 1993                   TAG: 9307140230
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

EARNINGS . . .

Signet Banking Corp. has reported a 51 percent increase in second-quarter earnings. The Richmond-based bank earned $40.4 million, or $1.42 a share, compared with $26.7 million, or 96 cents a share, a year earlier.

For the first six months, Signet had income of $78.7 million, or $2.77 a share, up 61 percent from $48.8 million and $1.77 for the 1992 period.

Chairman Robert M. Freeman attributed the improvement to higher interest income and other earnings from significant growth in the credit card portfolio, and to improved credit quality and lower charge-offs resulting in reduced levels of loan loss provisions.

He said non-performing assets declined for the sixth consecutive quarter.

Signet has assets of $12 billion, up 7 percent from a year ago. Deposits fell 2.9 percent to $7.7 billion; loans were up 7 percent to $5.8 billion.

by CNB