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

DATE: WEDNESDAY, October 13, 1993                   TAG: 9310130067
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

First Virginia Banks Inc. reported third-quarter earnings of $28.5 million, or 88 cents a share, up 11 percent from last year's $25.6 million, or 79 cents a share.

The company, based in Falls Church, said it would have set a record for the ninth consecutive quarter except for the recent retroactive increase in federal corporate income taxes that cost an extra two cents a share.

For the first nine months, net income was $87 million, or $2.68 a share, up 23 percent from last year's $70.9 million, or $2.20 a share.

Robert H. Zalokar, chairman, said low interest rates and a low level of charge-offs for unpaid loans were key factors in the increase.

He said loans are up 9 percent to $4 billion in the first three quarters, with automobile lending a particularly strong factor. Real estate refinancing also has been active.

First Virginia reported total assets on Sept. 30 of $6.975 billion, up 5 percent. Deposits increased 4 percent to $6 billion.

General Electric

General Electric Co. of Fairfield, Conn., whose Industrial Systems and Services Division and Drive Systems headquarters are in Salem, reported third-quarter earnings of $1.206 billion, or $1.91 per share, up 9 percent from $1.1 billion, or $1.30 per share, even though the 1992 quarter included $114 million of earnings from the aerospace business, which has been transferred to Martin Marietta. Earnings from continuing operations rose 21 percent.

Revenues increased 4 percent, from $14.3 billion to $14.9 billion.

For the nine months ending Sept. 30, net earnings were $3.7 billion, or $4.33 per share, up from $3.4 billion, or $3.95 per share in the 1992 period. Revenues were $42.4 billion against $40.9 billion.