BATON ROUGE, La. -- United Companies Financial reported net income of $14.7 million for the three months ended June 30, 1994.

This represents a 131 percent increase from $6.4 million for the corresponding three-month period of 1993, the company said.

J. Terrell Brown, president and chief executive officer, said the quarter and first half were the best in the company's 48-year history.

United Companies specializes in home-equity loans to consumers who cannot qualify for conventional loans.

The company produced $228.1 million in home-equity loans in the second quarter, a 90% gain. For the year to date, home-equity originations were $425.4 million, more than double the $209.8 million for the first half last year.

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