NationsBank Corp - 2nd Quarter & Interim Report

RNS No 3955k
NATIONSBANK CORPORATION
14th July 1997 
 

NATIONSBANK NET INCOME REACHED US DOLLARS 762 MILLION IN SECOND QUARTER 1997
 
North Carolina, July 14 - NationsBank (NYSE: NB), whose stock is traded on the
Tokyo Stock Exchange, second-quarter net income increased 26 per cent from the
year-ago quarter to $ 762 million, or $ 1.05 per common share, demonstrating
the company's ongoing earnings momentum and benefit from recent acquisitions.
 
"Core revenue growth, stable credit quality and continued expense containment
throughout the company drove this quarter's solid performance," said Hugh L.
McColl Jr., chief executive officer. "We are very pleased with expense trends,
which can be attributed mainly to the successful integration of Boatmen's
Bancshares."
 
Net income for the first six months of 1997 rose 31 per cent to $ 1.47
billion, or $ 2.02 per common share. This compared to net income of $ 1.12
billion, or $ 1.85 per common share, in the first six months of 1996.
Excluding a merger-related charge in the first quarter of 1996, operating net
income and earnings per share for the first six months of 1996 were $ 1.20
billion and $ 1.98, respectively.
 
Second quarter 1997 results include the impact of internal growth and several
acquisitions completed in 1996 and early 1997, primarily the acquisition of
Boatmen's Bancshares Inc. on Jan. 7, 1997.
 
EARNINGS HIGHLIGHTS (second quarter 1997 compared to second quarter 1996
results)
 
:: Cash basis earnings (net income excluding amortisation of intangibles) were
$ 1.21 per common share, up 15 per cent from $ 1.05 per share
 
:: Tangible return on average tangible common shareholders' equity increased
859 basis points to 30.59 per cent , from 22.00 per cent
 
:: Investment banking income grew 73 per cent , pushing noninterest income to
$ 1.2 billion
 
:: Net charge-offs as a percentage of average loans remained stable at .49 per
cent
 
Advisory to editors: The above press release, and the accuracy thereof, is
wholly the responsibility of the originating company. Under no circumstances
shall UNS be liable for any loss resulting from the use of information
contained herein. All facts should be independently checked.
 
Contact:Media: Susan Carr, tel USA 00 1 704-386-8059, or Analysts: Kevin
Stitt, tel [phone] and Jenny Repass tel [phone] all of
NationsBank Corporation
 
 
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