Banc One Corp. reported net income of $303 million, or 75 cents a share for the first quarter, signaling that it is back on track after taking a $220 million hit three months earlier to restructure its balance sheet.

The results amount to a fivefold increase over the Columbus, Ohio, bank holding company's fourth-quarter earnings of $64 million. But the figures represent a 7.3% decline from the comparable quarter of 1994.

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