CINCINNATI - Star Banc Corp. said it expects 1992 net income, before an anticipated charge, to increase 15% to 17% from year-earlier earnings of $65.8 million, or $2.24 a share.

The company said it anticipates posting a one-time charge in the fourth quarter to implement a restructuring program. The company did not disclose the amount of the expected charge.

Star Banc also said it expects return on assets for the year to be in a range of 1.05% to 1.07%. Its return on equity is projected to be 13.1% to 13.3%.

Star Banc said its goal is to double the after-tax income from trust services over the next five years through a reduction in operating expenses and an expansion in new business development in existing markets and new one, most notably Cleveland.

The bank said it has about $980 million in short-term mortgage securities, of which $730 million are backed by Fannie Mae or Freddie Mac.

Star Banc expects to increase its investments in mortgage-backed securities to $1.5 billion, which will add as a result $1.6 million in annual incremental interest income by 1993, and $3 million in annual incremental interest income by 1995.

Star Banc will save almost $5 million in operational expenses in 1992, as a result of consolidation of operations and existing Star Banks within the corporation. The bank said it is also taking steps to reduce other noninterest expenses.

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