Bell Atlantic Corp.The Philadelphia-based parent of C&P...

BY THE NUMBERS

April 19, 1991

Bell Atlantic Corp.

The Philadelphia-based parent of C&P Telephone reported a net profit of $353.6 million for the quarter that ended March 31, a slight decrease from a year earlier. Raymond Smith, Bell Atlantic chairman, said the recession and lower investment levels in its financial services division caused the decline in revenues. Bell Atlantic said the recession also slowed growth in cellular phone usage.

Three months ended 3/31/91

..... ..... .....Revenue..... ..... ..... Net..... ..... ..... Share

'91..... ..... .....2,995,700,000.... ..... 353,600,000.. ..... 0.91

'90..... ..... .....3,018,600,000.... ..... 355,300,000.. ..... 0.90

% change...... ..... .... .... 0.7.... ..... .... ... 0.5.. ...... +1.1

NCNB Corp.

NCNB, a giant banking company based in Charlotte, N.C., reported yesterday that income for the first quarter declined slightly from a year earlier but rebounded strongly from the three months at the end of last year.

NCNB Corp. owns NCNB National Bank of Maryland, which has seven branches and about $330 million in assets.

The parent company earned $128.4 million, or $1.16 a share fully diluted, compared with income of $140.1 million, or $1.28 per fully diluted share, in last year's first quarter.

The slight drop in income came despite an increase of nearly 70 percent in the amount NCNB set aside to cover possible costs related to souring loans during the period. The company has seen its troubled assets climb to more than $1 billion over the past 12 months, up from nearly $600 million a year ago.

"NCNB's results this quarter were encouraging, particularly given the recessionary economic environment," Chairman Hugh McColl said. "Earnings rose from the previous quarter even as we responded to the weak economic conditions and resultant rise in problem loans by adding another $70.7 million to our allowance for credit losses."

Three months ended 3/31/91

..... ..... ..... Income..... ..... ..... Share

'91..... ..... ..... 128,426,000..... ..... 1.16

'90..... ..... ..... 140,062,000..... ..... 1.28

% change...... ..... ..... ..-8.3..... ..... .-9.4

..... ..... .....Assets..... ..... ..... Deposits

'91..... ..... .....66,005,000,000.. ..... 49,232,000,000 '90..... ..... .....63,683,000,000.. ..... 47,946,000,000

% change...... ..... ..... ... +3.6.. ..... ..... .... +2.7

Loan portfolio

Three months ended 3/31/91

..... ..... .....Loans outstanding..... ..... ..... Net charge-offs

'91..... ..... .....37,524,000,000....... ..... ..... 83,382,000

'90..... ..... .....34,278,000,000....... ..... ..... 54,118,000

% change...... ..... ..... ... +9.4....... ..... ..... ..... +54.1

..... ..... .....Addition to allowance..... ..... ..... Allowance

........ ..... .....for loan losses..... ..... ..... ..... for loan losses '91..... ..... .....150,000,000........ ..... ..... ..... 741,100,000

'90..... ..... .....88,723,000......... ..... ..... ..... 500,100,000

% change ..... ..... .... +69.1......... ..... ..... ..... ...... +48.2

CSX Corp.

CSX Corp., the Richmond, Va.-based transportation company, reported yesterday that its net earnings declined by 26 percent in the first quarter.

CSX took encouragement from the fact that operating revenue from its railroad operations dropped only 4 percent despite significant declines in traffic. Coal traffic fell 10 percent, and merchandise traffic was down 11 percent.

To help offset the decline in traffic and revenue the railroad was able to reduce its operating expenses by $40 million. The savings came from a 50 percent lower injury rate and an 8 percent reduction in fuel consumption.

Three months ended 3/31/91

..... ..... .....Revenue..... ..... ..... Net..... ..... ..... Share

'91..... ..... .....2,000,000,000.... ..... 57,000,000... ..... 0.58

'90..... ..... .....1,900,000,000.... ..... 77,000,000... ..... 0.76

% change...... ..... ..... .. +5.3.... ..... ... ...26.0... ..... .23.7

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