American Telephone & Telegraph Co. said yesterday that its...

BY THE NUMBERS

July 17, 1992

American Telephone & Telegraph Co. said yesterday that its second-quarter profit was 4 percent higher than in the same quarter a year ago, reflecting growth in long-distance calling and financial services.

AT&T said it earned $961 million, or 72 cents a share, in the three months that ended June 30. That compares with earnings of $928 million, or 72 cents a share, in the same quarter last year.

The profit in the 1991 quarter was boosted by an after-tax gain of $87 million, or 7 cents a share, from the sale of stock in Sun Microsystems Inc., a computer maker. Earnings per share were the same in the two quarters because AT&T now has more shares outstanding.

Revenue rose slightly, to $15.8 billion from $15.7 billion a year earlier.

"We continued to show growth in a still-sluggish economy," said AT&T Chairman Robert E. Allen.

"Equipment sales are not what we'd like, but they tend to lag economic upturns. We still expect sales of our products and services to improve later in the year," he said in a statement.

Industry analyst Richard Toole of Merrill Lynch & Co. said the earnings report was a bit better than he had projected.

"They had a good quarter when you consider they were up against a tough economy," he said.

"The revenues were up less than 1 percent, so the earnings gain came from very good cost control, lower effective income tax rate and lower interest payments," Mr. Toole said.

Crestar Financial Corp.

This Richmond, Va.-based bank holding company reported higher earnings in the second quarter compared with the same period last year, although losses stemming from bad loans persisted. The company, parent of three banks with 290 banking offices in Virginia, Maryland and Washington, reported a 13 percent increase in net interest income, largely because of lower interest rates that improved net interest margins.

Three months ended 6/30/92

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

'92... 16,785,000... ... ...0.50

'91... 12,175,000... ... ...0.36

% change +37.9... ... ... ...+38.9

Annualized return on assets '92...0.58%

'91...0.42%

Addition to allowance ... ... ... ... ... ...Net

for loan losses... ... ... ... ... ... ... ..charge-offs

'92...34,400,000... ... ... ... ... ... ... 35,717,000

'91...67,799,000... ... ... ... ... .. .... 30,184,000

% change 49.3... ... ... ... ... ... ... ... +18.3

Six months ended 6/30/92

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

'92.. .30,440,000... ... ... ...0.90

'91.. .24,132,000... ... ... ...0.21

% change +26.1... ... ... ... ...+328.6

Balances as of 6/30/92

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

'92... 11,539,126,000... ... ...9,461,923,000

'91... 11,530,477,000... ... ...8,494,782,000

% change +00.1... ... ... ... ...+11.4

... ...Loans... ... ... ... .... Allowance

... ...outstanding... ... ... .. for loan losses

'92...6,742,872,000... ...... ..218,060,000

'91...7,334,633,000... ... ... .205,056,000

% change 8.1... ... ... ... ... ...+6.3

NationsBank

NationsBank Corp. said yesterday that its profit rose 22 percent in the second quarter despite the poor economy and its time-consuming merger with a big Atlanta bank.

Net income rose to $251 million, or $1 a share, in the April-June quarter, up from $206 million, or 88 cents a share, for the comparable period in 1991.

The bank's delinquent loans and foreclosed real estate totaled $2.5 billion for the quarter, up from $2.32 billion a year earlier, but it reported $126 million less in delinquent loans than in the first quarter of 1992.

"Despite a still sluggish economy and the tremendous amount of time and energy being devoted to merger consolidation, we were able to produce another quarter of strong earnings," said Hugh McColl, president and chief executive of the Charlotte, N.C., bank.

Income for the first six months of 1992 rose 54 percent, to $561 million from $365 million in the first half a year ago.

NationsBank is the country's fourth-largest banking company, with assets of $111 billion. It was created Dec. 31 by the merger of Atlanta-based C&S-Sovran and Charlotte-based NCNB Corp. The bank reported that it had about 4,000 fewer workers at June 30 from the year earlier, with a combined head count of 55,342 workers.

The bank said average loans and leases declined by 4 percent to $66.8 billion for the quarter from the year earlier.

F&M Bancorp

This Frederick-based parent of Farmers and Mechanics National Bank reported a 21 percent increase in second-quarter earnings despite a nearly fivefold increase in write-offs of bad loans. The company, Maryland's ninth-largest banking institution, predicted that earnings would continue to improve throughout the year if there is no sharp increase in interest rates.

Three months ended 6/30/92

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

'92... 1,719,000... ... ... 0.46

'91... 1,421,000... ... ... 0.38

% change +21.0... ... ... ...+21.0

... .... ...Annualized return on assets '92... ... ...1.19%

'91... ... ...1.06%

...Addition to allowance... ... ... ... Net

...for loan losses... ... ... ... ... ..charge-offs

'92...750,000... ... ... ... ... ... ..303,692

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