Signet earns $28 million for quarter

October 15, 1992|By David Conn | David Conn,Staff Writer

Signet Banking Corp., the Richmond-based parent of Signet Bank/Maryland, reported yesterday that third-quarter profits nearly tripled compared with a year ago, largely because of falling interest rates and improvement in asset quality.

The company earned $28.6 million, or $1.02 a share, in the three months ended Sept. 30. A year ago, Signet earned $11.2 million, or 41 cents a share, in the third quarter.

Like many banks in the mid-Atlantic, Signet's year-to-year performance improved in comparison with the company's declining fortunes last year. In the fourth quarter of 1991, Signet lost $52 million, leading to an annual loss of $26 million.

FTC The company also managed to reduce its portfolio of non-performing assets to $242.5 million in the third quarter, from $272.0 million three months earlier, and $348.9 million a year ago.

Signet, with $11.6 billion in assets, has 236 branches in Virginia, Washington and Maryland.

Three months ended 9/30/92

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

'92.... ........ 28,603,000.................... 1.02

'91. ........... 11,177,000. .................. 0.41

% change............. +155.9................... +148.8

Annualized return on assets *

'92.. ...... ..........1.05%

'91....................0.39%

Nine months ended 9/30/92

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

'92. ........ ......77,370,000...................2.79

'91. ..............25,945,000. ................ 0.96

% change............... +198.2................. +190.6

Balances as of /30/92

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

92..................11,594,920,000....7,699,525,000 91............. ....11,546,424,000....8,533,145,000

% change. .... ..................+0.4. ...........-9.8

* Based on average assets, not at quarter-end.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.