Noch 'n Gedicht...

verfasst von JüKü, 16.06.2000, 20:27

Union BanCal:

UnionBanCal battered by bad loans

By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 1:50 PM ET Jun 16, 2000
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SAN FRANCISCO (CBS.MW) - Shares of UnionBanCal slid 30
percent Friday after the bank said its second-quarter results will be
weaker than expected due to “a decline in asset quality.”

Shares fell 8 5/8 to 20 1/8.

UnionBanCal (UB:
news, msgs) said it
expects operating
earnings of 77 cents
a share to 82 cents a
share for its second
quarter. This figure
includes a provision
for credit losses of
$70 million.

Analysts surveyed by First Call expected earnings of 88 cents a share to
be reported on July 24.

In the first quarter, the company recorded a provision for credit losses of
$40 million.

"We are disappointed to report a lowering of our profit expectations for
the current quarter," said Takahiro Moriguchi, president and CEO."We
have seen a decline in asset quality and have taken appropriate action.”

According to a statement, the company still expects to report a
double-digit increase in second quarter operating earnings per share,
despite the higher loss provision.

Nonperforming loans as a percent of total loans are projected to be
approximately 0.75 percent on June 30, compared with 0.56 percent at
March 31.

http://cbs.marketwatch.com/archive/20000616/news/current/ub.htx?source=blq/yhoo&dist=yhoo

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• Noch 'n Gedicht... - JüKü, 16.06.2000, 20:27