Crestar Financial Corp., Richmond, Va., earned $16.8 million in the second quarter, up 38% from earnings a year earlier.

Richard G. Tilghman, chairman and chief executive, attributed the increase to strong growth in net interest and non-interest income.

Net interest income rose $121.7 million, or 13%, from the level a year ago. The net interest margin was 4.72%.

After the earnings announcement, Moody's Investors Service Inc. placed Crestar's debt ratings under review for possible upgrade, citing the Richmond company's improved financial fundamentals. The senior debt is rated Baa3, subordinated debt Ba2, preferred stock Ba2, and commercial paper Prime-3.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.