Riggs Sets Record 12% Jump In Earnings Made Last Year: Riggs Bank Reports Record Year Earn
Riggs National Bank, the Washington areaÛªs largest financial institution,, yesterday reported a 12 percent in-, crease in earnings last year to record, levels. Fourth-quarter profits, generally stronger for banks because, of rebounding interest rates, jumped 21. percent.</br></br>Madison National Bank of Washington also reported strong gains during 1980, while Government Services Savings and Loan Inc. of Bethesda posted a loss for the quarter and nine months ended Dec. 31. The S&LÛªs figures reflect the current relatively weak operating posture of thrift institutions.</br></br>the year rose to $24.3 million ($8.13 a share) from $21.8 million ($7.29) in 1979. Fourth-quarter earnings were $5 million compared with $4.1 million; per-share figures were not available. Net-income figures for the year and quarter were substantially the same as before securities transactions.</br></br>Chairman Vincent Burke Jr. said assets rose 17 percent to a record $3.15 billion during 1980, while deposits increased by 14 Vz percent to a record $2.5 billion and loan volume expanded by 14 percent to $1.54 billion.</br></br>Madison Bank, which like Riggs is planning to establish a holding company this year, reported a .22 percent See PROFITS,D9, Col 6 increase in earnings last year to $2.4 million ($5.86 a share) from $1.97 million ($4.80) the previous year. Chairman Donald Menefee said assets increased 10 percent to $174 million, while deposits rose to $156 million from $134 million and loans increased, to $104 million from $99 million.