SAN FRANCISCO -- Union Banks, a Bank of Tokyo affiliate, said it earned $33.2 million in the second quarter.

The total was up significantly from the first quarter's $13.7 million but 10% below the $36.5 million reported for second-quarter 1991.

Net income per common share was 97 cents, compared with 37 cents in the previous quarter and $1.07 a year earlier.

Net income for the second quarter of 1992 translated into return on average assets of 0.81% and a return on average common equity of 13.41%. The comparable figures for second-quarter 1991 were 0.87% and 15.09%.

Net interest income rose by $7 million from the first quarter, to $189.8 million, and the net interest margin improved to 5.09%, from 4.84%. The cost of interest-bearing deposits declined in the quarter by 33 basis points, to 3.88%.

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