Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: THURSDAY, January 20, 1994 TAG: 9401200019 SECTION: BUSINESS PAGE: B-7 EDITION: METRO SOURCE: DATELINE: LENGTH: Medium
Signet Banking Corp. on Wednesday reported record results for 1993, with a 60 percent increase over the prior year. The bank said its income was $174.4 million, or $3.06 a share, up from $109.2 million, or $1.96 a share.
Fourth-quarter earnings rose 57 percent, from $31.8 million in 1992 to $49.9 million last year. The per-share change was 57 cents to 87 cents.
Chairman Robert M. Freeman said Signet "continues to experience strong revenue growth and has greatly enhanced its asset quality and balance-sheet strength."
Nonperforming assets totaled $116.5 million at the end of the year, 36 percent below $181.1 a year earlier, but increased slightly from the third quarter because of difficulty with one large commercial loan, money for which has already been reserved.
Loans grew 9 percent over the year, to $6.3 billion. If adjusted for securitization of credit card receivables, loans rose 41 percent.
Deposits totaled $7.8 billion at year end and assets amounted to $11.8 billion.
AMR Corp.
AMR Corp., Fort Worth, Texas-based parent of American Airlines, on Wednesday reported a fourth-quarter loss of $253 million, some $190 million of it due to a bruising five-day flight attendant strike.
For the three months ended Dec. 31, AMR lost $3.55 per share on revenues of $3.59 billion. During the same quarter of 1992, it lost $200 million, or $2.66 per share, on revenues of nearly $3.58 billion.
The company said the results reflect the impact of the Thanksgiving strike by the Association of Professional Flight Attendants and include litigation settlement and legal costs and charges related to previously announced 1994 layoffs that are part of a restructuring.
For 1993, AMR said it lost $110 million, or $2.23 per share, on revenues of $15.8 billion. That compares with a loss of $935 million, or $12.49 per share, on 1992 revenues of $14.4 billion.
Annual results include a $125 million charge for the retirement of aircraft and a positive $115 million adjustment to revenues for a change in estimate related to passenger revenues.
by CNB