First Union Says Earnings Surged In Third Quarter

First Union, the sixth-largest U.S. bank with assets of $234.6 billion, reported third-quarter net income of $995 million, up 33% from $748 million a year earlier. Earnings per diluted share at the Charlotte, North Carolina-based bank rose 29% to $1.01 from 78 cents. Stripping out merger-related and...

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Bibliographic Details
Published inWall Street journal. Europe
Main Author By Rick Brooks and James R. Hagerty
Format Newspaper Article
LanguageEnglish
Published Brussels Dow Jones & Company Inc 15.10.1998
EditionEurope
Subjects
Dilution
International finance
Stock exchanges
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Summary:First Union, the sixth-largest U.S. bank with assets of $234.6 billion, reported third-quarter net income of $995 million, up 33% from $748 million a year earlier. Earnings per diluted share at the Charlotte, North Carolina-based bank rose 29% to $1.01 from 78 cents. Stripping out merger-related and restructuring charges, First Union's operating earnings came to $1.02 a diluted share, up 31% from 78 cents a share. According to First Call Corp., the consensus estimate for the latest quarter called for operating earnings of 96 cents a share. In composite trading on the New York Stock Exchange, First Union shares gained 18.75 cents to $50 each. The merger-related charges reflect the April acquisition of CoreStates Financial Corp.
ISSN:0921-9986