Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, July 20, 1995 TAG: 9507200032
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Excluding the contribution last year of Capital One Financial Corp., a credit card bank spun off to shareholders on Feb. 28, Signet's second-quarter income was up from $15.8 million in the same period last year and was up 11 percent from $26.7 million earned in the first three months this year.
On the same basis, earnings per share were up 79 percent from last year's second quarter and up 11 percent from the first quarter of 1995.
Including Capital One's contribution, Signet last year reported earnings of $50.4 million, or 88 cents a share, for the second quarter.
Chairman Robert M. Freeman said the bank had met its goals in a restructuring announced a year ago. Signet, he said, had also "experienced strong revenue growth as a result of innovative marketing. Although we still have much work to do, we are increasingly confident that our information-based strategies will transform the company into a highly profitable marketer of financial services."
Loans, the bank said, "grew at a healthy pace." During the quarter, loans held for securitization increased $337.1 million, or 6 percent, to $6.1 billion. Installment loans marketed through direct mail fueled consumer loan growth, the bank said.
Nonperforming assets at June 30 totaled $57.4 million, or 1.01 percent of loans and foreclosed properties, down from $77.7 million a year earlier but up from $41.6 million at the end of the first quarter. During the second quarter, Signet placed two commercial real estate loans totaling $22 million on a non-accrual basis.
At the end of the quarter Signet had assets of $10.6 billion.
by CNB