National City Reports First Quarter 2001 Earnings

* Excluding charges and gains, first quarter 2001 EPS of $.54, up 15% over

fourth quarter 2000 and 8% from first quarter 2000

* Strong loan growth, higher net interest income, and improved margins

* Credit quality remains sound, nonperforming assets within expectations

* Solid progress on strategic direction set in 2000

* Reported first quarter 2001 EPS of $.55, up 10% over fourth quarter 2000

and 4% from the first quarter last year



Apr 20, 2001, 01:00 ET from National City Corporation

    CLEVELAND, April 20 /PRNewswire Interactive News Release/ -- National City
 Corporation (NYSE:   NCC) today reported first quarter 2001 net income,
 excluding certain charges and gains, of $326.8 million, or $.54 per diluted
 share.  On this basis, earnings per diluted share and net income increased
 14.9% and 12.5%, respectively, over the fourth quarter of 2000 and 8.0% and
 8.1%, respectively, over last year's first quarter.
     Chairman and CEO David A. Daberko commented, "Over the past nine months,
 we have made important changes strategically and organizationally.  We have
 sharpened our focus on the Corporation's business lines, maintained high
 standards of asset quality, managed the balance sheet for greater capital
 efficiency, and clearly defined our strategic direction.  Our team members are
 dedicated to shifting the Corporation's business mix to those businesses with
 higher revenue growth characteristics, most notably our processing, commercial
 banking, and asset management businesses.  We have also placed a demonstrably
 higher priority on developing a stronger retail culture by increasing customer
 acquisition and retention, and greatly improving the quality of service
 provided to our entire customer base.  We continue to upgrade technology and
 product offerings and to strengthen the National City brand identity in our
 Midwest markets."
     Tax-equivalent net interest income for the first quarter rose to
 $779.2 million from $756.2 million last quarter, or over 12% on an annualized
 basis.  Although sales and securitization of assets in 2000 initially reduced
 net interest income, robust loan originations have since boosted average
 earning assets, and when combined with better spreads, led to the increase in
 net interest income.  Also contributing to the linked-quarter net interest
 income and margin improvement was core deposit growth, at an annualized pace
 of 3.5%.  The net interest margin was 3.92% in the first quarter, continuing a
 positive trend over the past five quarters.  Tax-equivalent net interest
 income for first quarter 2001 was up 5.2% from the first quarter of 2000, with
 the net interest margin also posting an improvement from 3.79% a year ago.
     Loan growth continued to be strong during the first quarter of 2001 with
 average loans reaching $66.2 billion versus $64.6 billion in last year's
 fourth quarter and $61.0 billion in the first quarter a year ago.  First
 quarter 2001 average loans, after adjusting for loan sales and
 securitizations, grew 11.6% on an annualized basis over the fourth quarter of
 2000, and gained 15.7% over the 2000 first quarter.  Commercial loans and
 leases showed especially good growth, and greater emphasis placed on risk-
 adjusted returns contributed to wider spreads.  Bolstered by lower interest
 rates, home equity and real estate loan production also contributed to the
 increase in outstanding loans.  Mindful of a slowing economy and its
 implications on credit quality, the Corporation maintained its sound
 underwriting standards.
     On a year-over-year quarterly comparison of fees and other income, there
 was solid growth in deposit service charges, item processing revenue, and
 card-related fees.  Fees and other income of $575.1 million in the first
 quarter of 2001 increased 4.7% from $549.1 million in the first quarter a year
 ago, excluding charges and gains related to mortgage servicing activities and
 venture capital investments.  Increased customer debit card usage and fewer
 waived fees led to higher deposit service charges versus the 2000 first
 quarter.  Item processing revenue also demonstrated strong growth over the
 past year due to increased debit and credit card volume and an expanded
 merchant base.  Successful sales efforts and the securitization of nearly
 $1.0 billion of credit card receivables during the past year led to the year-
 over-year increase in card-related fees.  Strong mortgage originations
 propelled National City's residential loan servicing portfolio to
 $60.6 billion at March 31, 2001, up 25% from $48.6 billion a year ago.  Higher
 servicing fees on this much larger portfolio combined with the strength of
 production revenue supported solid core mortgage banking revenue, offset by
 lower gains on nonconforming mortgage loan sales.
     Fees and other income on an operating basis for the 2001 first quarter of
 $575.1 million were relatively unchanged from $578.1 million in last year's
 fourth quarter.  A $20.6 million gain on the January 2001 securitization of
 nearly $400 million of credit card receivables was principally offset by a
 seasonal decline in item processing revenue, lower mortgage banking revenue,
 and a reduction in other fee income.
     Noninterest expense, excluding certain charges, was $771.5 million in the
 first quarter of 2001, down 4.0% from $804.0 million in the fourth quarter of
 2000 and up only 1.6% from $759.1 million in the 2000 first quarter.
 Favorably affecting the linked-quarter comparison of noninterest expense were
 lower expenses for third party services and reduced market-based compensation.
 Miscellaneous operating losses, affected partially by seasonal factors, also
 decreased from last year's fourth quarter.  Higher volume-driven personnel and
 card processing expenses in 2001, partially offset by state and local tax
 refunds in 2000, led to the modest year-over-year quarterly increase in
 noninterest expense.
     Credit quality remained sound.  The slowing economy, as expected, led to
 the rise in nonperforming assets and slightly higher net charge-offs.  Net
 charge-offs in the first quarter totaled  $83.2 million, or .51% of average
 loans, compared to $81.2 million, or .50% of average loans in the fourth
 quarter of 2000, and $66.1 million, or .44% of average loans in the first
 quarter of 2000.  At March 31, 2001, the allowance for loan losses was
 $929.7 million, or 1.39% of loans, compared to $928.6 million, or 1.42% of
 loans at December 31, 2000, and $970.6 million, or 1.57% of loans a year ago.
 At March 31, 2001, nonperforming assets were $447.1 million, compared to
 $402.3 million at December 31, 2000, and $314.1 million at March 31, 2000.  As
 a percentage of loans and other real estate, nonperforming assets were .67% at
 March 31, 2001, compared to .61% at December 31, 2000 and .51% a year ago.  At
 March 31, 2001, real estate mortgage loans, which have historically had low
 loss ratios, comprised 53% of nonperforming assets.
     Net income reported for the 2001 first quarter, including the nonoperating
 charges and gains discussed below, was $335.4 million, or $.55 per diluted
 share, representing respective increases of 8.9% and 10.0% over the fourth
 quarter of 2000 and 4.4% and 3.8% over last year's first quarter.
     The combined nonoperating charges and gains referenced above increased
 reported first quarter net income by $8.6 million, or $.01 per share.  These
 items consisted of a pretax charge of $33.5 million to write-down estimated
 automobile lease residual values; $221.3 million of trading gains on
 derivatives used to hedge mortgage servicing assets, largely offset by
 $198.3 million of impairment charges for estimated mortgage servicing asset
 devaluation; the previously-announced $40.0 million income tax charge related
 to exposure on interest deductions claimed for corporate-owned life insurance;
 and $85.3 million of equity security and venture capital investment gains.
     Fees and other income reported for the first quarter of 2001 of
 $598.5 million increased 7.4% from $557.4 million in the first quarter of
 2000, yet were down from $604.8 million in the 2000 fourth quarter.  Fees and
 other income for the 2001 first quarter included the aforementioned derivative
 trading gains and impairment charges related to mortgage servicing activities
 and also reflected a $26.3 million reduction in venture capital gains compared
 to the 2000 fourth quarter.  Although the lower interest rate environment
 drove record mortgage production, the higher level of refinancing also
 increased prepayment rates and lowered the estimated value of existing
 mortgage servicing assets, which led to a decrease in mortgage banking
 revenue.  This decline was more than offset by the gains recognized on
 derivatives used to hedge the decrease in estimated fair value of the mortgage
 servicing assets.
     New accounting rules adopted in 2001 caused and may continue to cause
 significant, but generally counterbalancing entries related to mortgage
 servicing hedging and valuation.  The Corporation hedges the economic risk
 associated with changes in the fair value of mortgage servicing assets using
 both derivative instruments and on-balance-sheet securities.  The primary
 hedging strategies use derivative financial instruments, which beginning
 January 1, 2001, are carried at fair value on the balance sheet.  Changes in
 the estimated fair value of these derivatives are recorded as trading gains
 and losses in the income statement and are not recorded as direct offsets to
 the related impairment recognized from the devaluation of the mortgage
 servicing rights.
     The Corporation continued to generate substantial profits from its bank
 stock and venture capital investments.  Bank stock gains, included in security
 gains, were $84.9 million for the 2001 first quarter, versus $50.3 million
 last quarter, and $21.1 million for the first quarter a year ago.  The bank
 stock fund is managed opportunistically, with the degree of market strength
 and industry consolidation affecting the comparability of achieved results
 between periods.  Venture capital gains, included in other noninterest income,
 were $.4 million in the 2001 first quarter compared to $26.7 million last
 quarter and $8.2 million for the first three months of 2000.
     Noninterest expense reported in the first quarter of 2001 was
 $805.0 million and included a $33.5 million charge to reflect further
 deterioration in estimated automobile lease residual values.  Noninterest
 expense reported in the fourth quarter of 2000 was $854.4 million and included
 $44.0 million of charges related to the realignment of the Corporation's
 consumer finance business.  This strategic realignment included the decision
 to close all of its Loan Zone stores, exit the wholesale loan origination
 business of its Altegra subsidiary, and exit the automobile leasing business.
     Total assets were $90.8 billion at March 31, 2001, and total stockholders'
 equity was $6.8 billion.  Equity as a percentage of assets stood strong at
 7.44% as of March 31, 2001, up from 6.81% at the end of the 2000 first
 quarter.  Tangible equity as a percentage of tangible assets was 6.19% at
 March 31, 2001, up 15% from 5.38% a year ago.
     Mr. Daberko's comments contain forward-looking statements that involve
 significant risks and uncertainties, including changes in general economic and
 financial market conditions and the Corporation's ability to execute its
 business plans.  Although management believes the expectations reflected in
 such forward-looking statements are reasonable, actual results may differ
 materially.  Further, National City Corporation has disclosed in its SEC
 filings that it is engaged in a dispute with the Internal Revenue Service
 concerning the deductibility of certain expenses for the years 1990 through
 1998 related to corporate-owned life insurance programs.  In the event a
 satisfactory settlement is not reached in negotiations with the IRS, an
 additional charge of up to $40.0 million may need to be recorded either later
 this year or in a subsequent year, pending full adjudication of the matter.
     Mr. Daberko, Jeffrey D. Kelly, chief financial officer, and Robert J.
 Ondercik, chief credit officer, will host a conference call today at
 11:00 a.m. EDT to review first quarter results and National City's business
 outlook for the remainder of the year.  Individual investors and the media are
 welcome to join the call in a listen-only mode by calling (888) 428-4474
 beginning at 10:45 a.m. EDT.  Associated materials are accessible through
 National City's website, www.nationalcity.com .  A replay of the conference
 call will also be available through Wednesday, April 25, 2001, by calling
 (800) 475-6701, using the confirmation code 545483.
     National City Corporation is a $91 billion financial holding company
 headquartered in Cleveland, Ohio.  Through its subsidiaries, the company
 provides a full range of financial services including investment banking,
 brokerage, mutual fund, insurance, and traditional banking services to
 individuals and businesses.  National City has offices in Ohio, Pennsylvania,
 Indiana, Kentucky, Illinois, and Michigan.  National City can be found on the
 World Wide Web at http://www.nationalcity.com .
 
                                   UNAUDITED
 
                           National City Corporation
                              Financial Highlights
                (Dollars in Millions, Except Per Share Amounts)
 
 
                                               2001              2000
                                               First      Fourth       Third
                                              Quarter     Quarter     Quarter
     EARNINGS:
     Tax-equivalent net interest income       $779.2      $756.2      $746.0
     Provision for loan losses                  83.4        81.4        70.4
     Fees and other income                     598.5       604.8       590.9
     Net securities gains (losses)              88.1        50.7        27.5
     Noninterest expense                       805.0       854.4       785.3
     Income tax expense and tax-
       equivalent adjustment                   242.0       167.9       178.0
     Net income                               $335.4      $308.0      $330.7
 
 
     PER COMMON SHARE:
       Net income
           Basic                                $.56        $.50        $.55
           Diluted                               .55         .50         .54
           Diluted - cash basis (a)              .58         .53         .57
       Dividends paid                           .285        .285        .285
       Book value                              11.19       11.06       10.58
       Market value (close)                    26.75       28.75       22.00
       Average shares
           Basic                              600.89      608.52      608.28
           Diluted                            610.10      615.47      613.23
 
 
     PERFORMANCE RATIOS:
     Return on average
       common equity                           20.52 %     18.75 %     21.13 %
     Return on average assets                   1.55        1.44        1.56
     Net interest margin                        3.92        3.90        3.90
     Efficiency ratio                          58.43       62.78       58.74
 
 
     AT PERIOD END:
     Assets                                  $90,818     $88,535     $85,046
     Loans                                    66,673      65,604      63,660
     Securities (at fair value)                9,468       9,904       9,656
     Deposits                                 55,854      55,256      52,726
     Stockholders' equity                      6,754       6,770       6,467
     Equity to assets                           7.44 %      7.65 %      7.60 %
     Tangible common equity to
       tangible assets                          6.19        6.34        6.20
     Common shares outstanding                600.75      609.19      608.40
 
 
     ASSET QUALITY:
     Net charge-offs to average
       loans (annualized)                        .51 %       .50 %       .45 %
     Allowance for loan losses as
       a percentage of period-end
       loans                                    1.39        1.42        1.49
     Nonperforming assets to period-
       end loans and OREO                        .67         .61         .57
 
     (a)  Excludes amortization of goodwill and other intangible assets.
 
 
                                   UNAUDITED
 
                           National City Corporation
                              Financial Highlights
                (Dollars in Millions, Except Per Share Amounts)
 
 
                                                       2000             1Q01/
                                               Second        First      1Q00
                                               Quarter      Quarter   % Change
     EARNINGS:
     Tax-equivalent net interest
       income                                  $749.0       $740.9        5.2 %
     Provision for loan losses                   68.7         66.3       25.7
     Fees and other income                      674.3        557.4        7.4
     Net securities gains (losses)              (42.8)        21.5      309.3
     Noninterest expense                        785.1        759.1        6.0
     Income tax expense and tax-
       equivalent adjustment                    184.3        173.1       39.9
     Net income                                $342.4       $321.3        4.4
 
 
     PER COMMON SHARE:
       Net income
           Basic                                 $.56         $.53        5.7 %
           Diluted                                .56          .53        3.8
           Diluted - cash basis (a)               .59          .56        3.6
       Dividends paid                            .285         .285          -
       Book value                               10.05         9.71       15.2
       Market value (close)                     17.06        20.63       29.7
       Average shares
           Basic                               606.93       605.77        (.8)
           Diluted                             611.07       610.69        (.1)
 
 
     PERFORMANCE RATIOS:
     Return on average common equity            23.13 %      22.45 %        -
     Return on average assets                    1.59         1.50          -
     Net interest margin                         3.80         3.79          -
     Efficiency ratio                           55.16        58.47          -
 
 
     AT PERIOD END:
     Assets                                   $84,601      $86,895        4.5 %
     Loans                                     61,570       61,857        7.8
     Securities (at fair value)                10,719       13,783      (31.3)
     Deposits                                  49,988       50,613       10.4
     Stockholders' equity                       6,133        5,918       14.1
     Equity to assets                            7.25 %       6.81 %      9.3
     Tangible common equity to tangible assets   5.81         5.38       15.1
     Common shares outstanding                 607.43       606.23        (.9)
 
 
     ASSET QUALITY:
     Net charge-offs to average
       loans (annualized)                         .44 %        .44 %        -
     Allowance for loan losses as
       a percentage of period-end loans          1.58         1.57          -
     Nonperforming assets to period-
       end loans and OREO                         .55          .51          -
 
     (a)  Excludes amortization of goodwill and other intangible assets.
 
 
                                     UNAUDITED
 
                             National City Corporation
                         Consolidated Statements of Income
                  (Dollars in Thousands, Except Per Share Amounts)
 
                                              2001               2000
                                              First       Fourth       Third
                                             Quarter      Quarter     Quarter
     Interest Income:
      Loans                                 $1,506,488  $1,534,503  $1,479,328
      Securities:
       Taxable                                 122,017     122,083     140,303
       Exempt from Federal income taxes         10,319      10,615      10,750
       Dividends                                11,146      13,346      14,054
      Federal funds sold and security
        resale agreements                        1,616       2,036       3,058
      Other investments                          8,225       5,550       4,464
        Total interest income                1,659,811   1,688,133   1,651,957
 
     Interest Expense:
      Deposits                                 506,058     526,377     500,477
      Federal funds borrowed and
        security repurchase agreements          89,946     103,745     103,895
      Borrowed funds                            27,267      15,044      28,609
      Long-term debt and capital
       securities                              265,248     295,249     281,443
        Total interest expense                 888,519     940,415     914,424
 
        Net interest income                    771,292     747,718     737,533
      Provision for loan losses                 83,372      81,415      70,363
        Net interest income after
         provision for loan losses             687,920     666,303     667,170
 
     Noninterest Income:
      Deposit service charges                  111,806     112,975     115,392
      Item processing revenue                  106,441     118,845     112,051
      Trust and investment management fees      81,850      81,144      79,805
      Card-related fees                         44,671      44,522      41,148
      Mortgage banking                         (97,761)    109,596     110,454
      Trading gains, net                       235,745       6,098       2,773
      Other                                    115,788     131,630     129,255
        Total fees and other income            598,540     604,810     590,878
      Net securities gains (losses)             88,130      50,664      27,435
        Total noninterest income               686,670     655,474     618,313
 
     Noninterest Expense:
      Salaries, benefits and other personnel   410,393     413,096     405,984
      Equipment                                 60,002      57,997      56,038
      Net occupancy                             53,479      52,015      52,730
      Third-party services                      43,601      52,590      51,201
      Other                                    237,522     278,739     219,356
        Total noninterest expense              804,997     854,437     785,309
 
     Income before income tax expense          569,593     467,340     500,174
     Income tax expense                        234,190     159,329     169,538
        Net income                            $335,403    $308,011    $330,636
 
 
     Net Income Per Common Share:
        Basic                                     $.56        $.50        $.55
        Diluted                                    .55         .50         .54
 
 
                                     UNAUDITED
 
                             National City Corporation
                         Consolidated Statements of Income
                  (Dollars in Thousands, Except Per Share Amounts)
 
                                                             2000
                                                   Second             First
                                                   Quarter           Quarter
     Interest Income:
      Loans                                      $1,433,996        $1,342,266
      Securities:
       Taxable                                      176,765           202,255
       Exempt from Federal income taxes              10,914            11,171
       Dividends                                     13,989            13,463
      Federal funds sold and security
        resale agreements                             6,802             6,958
      Other investments                               4,008             3,906
        Total interest income                     1,646,474         1,580,019
 
     Interest Expense:
      Deposits                                      466,241           443,939
      Federal funds borrowed and
        security repurchase agreements               85,727           102,568
      Borrowed funds                                 77,782            43,281
      Long-term debt and capital
       securities                                   276,069           257,775
        Total interest expense                      905,819           847,563
 
        Net interest income                         740,655           732,456
      Provision for loan losses                      68,691            66,326
        Net interest income after
         provision for loan losses                  671,964           666,130
 
     Noninterest Income:
      Deposit service charges                       108,073           106,313
      Item processing revenue                       107,326           101,218
      Trust and investment management fees           90,054            83,624
      Card-related fees                              38,561            36,797
      Mortgage banking                              147,610           111,294
      Trading gains, net                              4,164             5,155
      Other                                         178,540           112,965
        Total fees and other income                 674,328           557,366
      Net securities gains (losses)                 (42,780)           21,533
        Total noninterest income                    631,548           578,899
 
     Noninterest Expense:
      Salaries, benefits and other personnel        401,309           406,871
      Equipment                                      57,759            57,682
      Net occupancy                                  51,816            52,668
      Third-party services                           48,546            45,148
      Other                                         225,640           196,724
        Total noninterest expense                   785,070           759,093
 
     Income before income tax expense               518,442           485,936
     Income tax expense                             176,055           164,593
        Net income                                 $342,387          $321,343
 
 
     Net Income Per Common Share:
        Basic                                          $.56              $.53
        Diluted                                         .56               .53
 
 
                                     UNAUDITED
 
                             National City Corporation
                      Consolidated Period-End Balance Sheets
                              (Dollars in Thousands)
 
                                            2001                2000
                                            First       Fourth        Third
     Assets                                Quarter      Quarter      Quarter
       Loans:
         Commercial                      $27,397,956  $26,703,622  $25,873,664
         Real estate - commercial          6,625,035    6,511,018    6,372,924
         Real estate - residential        13,502,846   13,357,438   12,303,054
         Consumer                         12,140,385   12,100,567   12,317,934
         Credit card                       2,092,678    2,152,445    2,260,766
         Home equity                       4,913,701    4,779,359    4,531,993
           Total loans                    66,672,601   65,604,449   63,660,335
         Allowance for loan losses          (929,679)    (928,592)    (945,492)
           Net loans                      65,742,922   64,675,857   62,714,843
       Loans held for sale or
        securitization:
         Mortgage loans held for sale      5,882,521    3,030,672    2,945,975
         Credit card loans held for
          securitization                           -      407,900            -
           Total loans held for sale or
            securitization                 5,882,521    3,438,572    2,945,975
       Securities available for sale, at
        fair value                         9,468,365    9,904,533    9,655,612
       Federal funds sold and security
        resale agreements                      4,460       81,040      111,222
       Other investments                     529,766      687,732      173,483
       Cash and demand balances due from
        banks                              3,314,336    3,535,186    3,230,100
       Properties and equipment            1,066,295    1,071,637    1,090,185
       Accrued income and other assets     4,809,268    5,140,052    5,124,455
           Total Assets                  $90,817,933  $88,534,609  $85,045,875
 
     Liabilities
       Deposits:
         Noninterest bearing deposits    $11,563,466  $11,500,026  $10,646,830
         NOW and money market accounts    17,703,959   17,262,587   16,496,536
         Savings accounts                  2,799,732    2,883,763    3,036,999
         Consumer time deposits           15,670,865   15,816,422   15,763,352
         Other deposits                    5,971,041    4,072,308    2,780,526
         Foreign deposits                  2,145,016    3,721,316    4,001,338
           Total deposits                 55,854,079   55,256,422   52,725,581
       Federal funds borrowed and
        security repurchase agreements     9,410,866    5,677,643    6,097,889
       Borrowed funds                      1,644,320      903,725    2,283,295
       Long-term debt                     15,329,472   17,964,800   15,455,589
       Corporation-obligated mandatorily
        redeemable capital securities of
        subsidiary trusts holding
        solely debentures of the
        Corporation                          180,000      180,000      180,000
       Accrued expenses and other
        liabilities                        1,645,209    1,782,198    1,836,114
           Total Liabilities              84,063,946   81,764,788   78,578,468
     Stockholders' Equity
       Preferred stock                        29,968       29,968       29,982
       Common stock                        2,403,000    2,436,755    2,433,591
       Capital surplus                       841,808      837,444      828,220
       Retained earnings                   3,446,673    3,405,077    3,272,496
       Accumulated other comprehensive
          income (loss)                       32,538       60,577      (96,882)
         Total Stockholders' Equity        6,753,987    6,769,821    6,467,407
         Total Liabilities and
           Stockholders' Equity          $90,817,933  $88,534,609  $85,045,875
 
 
                                     UNAUDITED
 
                             National City Corporation
                      Consolidated Period-End Balance Sheets
                              (Dollars in Thousands)
 
                                                            2000
                                                  Second             First
     Assets                                       Quarter           Quarter
       Loans:
         Commercial                             $24,935,236       $23,714,907
         Real estate - commercial                 6,265,055         6,062,272
         Real estate - residential               11,179,970        11,346,300
         Consumer                                12,386,130        14,438,457
         Credit card                              2,601,931         2,404,230
         Home equity                              4,201,854         3,890,385
           Total loans                           61,570,176        61,856,551
         Allowance for loan losses                 (970,362)         (970,642)
           Net loans                             60,599,814        60,885,909
       Loans held for sale or
        securitization:
         Mortgage loans held for sale             3,198,328         2,330,395
         Credit card loans held for
          securitization                                  -                 -
           Total loans held for sale or
            securitization                        3,198,328         2,330,395
       Securities available for sale, at
        fair value                               10,719,285        13,783,119
       Federal funds sold and security
        resale agreements                           493,130           408,228
       Other investments                            145,623           126,624
       Cash and demand balances due from banks    3,262,268         3,229,032
       Properties and equipment                   1,098,053         1,116,332
       Accrued income and other assets            5,084,132         5,015,754
           Total Assets                         $84,600,633       $86,895,393
 
     Liabilities
       Deposits:
         Noninterest bearing deposits           $11,384,267       $11,034,147
         NOW and money market accounts           16,291,791        16,488,169
         Savings accounts                         3,230,386         3,430,306
         Consumer time deposits                  15,583,974        15,285,430
         Other deposits                           2,874,460         2,764,812
         Foreign deposits                           623,331         1,610,489
           Total deposits                        49,988,209        50,613,353
       Federal funds borrowed and security
           repurchase agreements                  4,012,113         6,307,165
       Borrowed funds                             6,974,817         5,540,814
       Long-term debt                            15,976,934        16,803,105
       Corporation-obligated mandatorily
        redeemable capital securities of
        subsidiary trusts holding
        solely debentures of the
        Corporation                                 180,000           180,000
       Accrued expenses and other
        liabilities                               1,335,080         1,533,348
           Total Liabilities                     78,467,153        80,977,785
     Stockholders' Equity
       Preferred stock                               29,982            29,982
       Common stock                               2,429,736         2,424,912
       Capital surplus                              812,671           798,986
       Retained earnings                          3,119,402         2,950,299
       Accumulated other comprehensive
          income (loss)                            (258,311)         (286,571)
         Total Stockholders' Equity               6,133,480         5,917,608
         Total Liabilities and
           Stockholders' Equity                 $84,600,633       $86,895,393
 
 
 
                                     UNAUDITED
 
                             National City Corporation
                        Consolidated Average Balance Sheets
                               (Dollars in Millions)
 
                                   2001                   2000
                                   First   Fourth    Third   Second    First
     Assets                       Quarter  Quarter  Quarter  Quarter  Quarter
     Earning Assets:
       Loans:
         Commercial               $27,010  $26,132  $25,294  $24,379  $23,496
         Real estate - commercial   6,550    6,435    6,273    6,157    6,020
         Real estate -
          residential              13,533   12,876   11,627   11,470   10,901
         Consumer                  12,174   12,165   12,224   13,973   14,520
         Credit card                2,113    2,383    2,487    2,514    2,336
         Home equity                4,845    4,654    4,343    4,044    3,770
           Total loans             66,225   64,645   62,248   62,537   61,043
       Loans held for sale or
        securitization:
         Mortgage loans held for
          sale                      3,473    2,851    3,001    2,848    2,101
         Credit card loans held
          for securitization          131        4        -        -        -
           Total loans held for
            sale or
            securitization          3,604    2,855    3,001    2,848    2,101
       Securities available for
        sale, at cost               9,491    9,543   10,786   13,064   14,600
       Federal funds sold and
        security resale agreements    112      120      178      432      481
       Other investments              330      200      165      146      154
           Total earning assets    79,762   77,363   76,378   79,027   78,379
     Allowance for loan losses       (950)    (967)    (991)    (995)    (996)
     Fair value appreciation
      (depreciation)
       of securities available
       for sale                       123     (101)    (304)    (430)    (408)
     Cash and demand balances due
        from banks                  3,000    3,005    3,091    3,116    3,140
     Properties and equipment       1,078    1,086    1,099    1,114    1,127
     Accrued income and other
      assets                        4,598    4,914    4,928    4,939    4,709
         Total Assets             $87,611  $85,300  $84,201  $86,771  $85,951
 
     Liabilities
     Deposits:
       Noninterest bearing
        deposits                  $10,781  $10,682  $10,837  $10,934  $10,716
       NOW and money market
        accounts                   17,276   16,803   16,473   16,477   16,443
       Savings accounts             2,835    2,958    3,139    3,321    3,413
       Consumer time deposits      15,725   15,764   15,652   15,385   15,019
       Other deposits               4,970    3,201    2,838    2,881    2,825
       Foreign deposits             2,390    3,275    2,974    2,862    3,400
         Total deposits            53,977   52,683   51,913   51,860   51,816
     Federal funds borrowed and
      security
      repurchase agreements         7,008    6,837    6,941    6,053    7,723
     Borrowed funds                 1,809      872    1,726    5,056    3,126
     Long-term debt and capital
      securities                   16,853   16,910   16,014   16,636   16,259
     Accrued expenses and other
       liabilities                  1,314    1,444    1,361    1,190    1,249
         Total Liabilities         80,961   78,746   77,955   80,795   80,173
     Stockholders' Equity:
       Preferred                       30       30       30       30       30
       Common                       6,620    6,524    6,216    5,946    5,748
         Total Stockholders'
          Equity                    6,650    6,554    6,246    5,976    5,778
         Total Liabilities and
          Stockholders' Equity    $87,611  $85,300  $84,201  $86,771  $85,951
 
 
                                     UNAUDITED
 
                             National City Corporation
                Average Balances and Rates on a Tax Equivalent Basis
                 For the Three Months Ended March 31, 2001 and 2000
                               (Dollars in Millions)
 
                                    2001                       2000
                                     Tax                        Tax
                          Average Equivalent Average Average Equivalent Average
     Assets               Balance  Interest   Rate   Balance  Interest   Rate
     Earning Assets:
       Loans:
         Commercial       $27,010    $562.5   8.44 % $23,496    $490.1   8.39 %
         Real estate  -
          commercial        6,550     138.5   8.57     6,020     130.7   8.73
         Real estate  -
          residential (a)  17,006     353.7   8.32    13,002     260.2   8.00
         Consumer          12,174     264.9   8.83    14,520     302.9   8.39
         Credit card (a)    2,244      75.4  13.62     2,336      77.7  13.38
         Home equity        4,845     113.9   9.40     3,770      83.4   8.85
           Total loans     69,829   1,508.9   8.72    63,144   1,345.0   8.56
       Securities:
         Taxable            8,730     133.6   6.13    13,789     216.0   6.27
         Tax-exempt           761      15.4   8.08       811      16.6   8.19
           Total securities 9,491     149.0   6.29    14,600     232.6   6.38
       Federal funds sold,
        security resale
        agreements and
         other investments    442       9.8   9.04       635      10.9   6.88
           Total earning
            assets         79,762   1,667.7   8.44    78,379   1,588.5   8.14
     Allowance for loan
      losses                 (950)        -      -      (996)        -      -
     Fair value
      appreciation
      (depreciation) of
       securities available
        for sale              123         -      -      (408)        -      -
     Noninterest earning
      assets                8,676         -      -     8,976         -      -
         Total Assets     $87,611         -      -   $85,951         -      -
 
     Liabilities and
      Stockholders' Equity
     Interest bearing
      liabilities:
       NOW and money market
        accounts          $17,276    $160.9   3.78 % $16,443    $140.0   3.43 %
       Savings accounts     2,835      10.7   1.53     3,413      14.2   1.67
       Consumer time
        deposits           15,725     230.8   5.95    15,019     201.0   5.38
       Other deposits       4,970      71.7   5.85     2,825      41.0   5.84
       Foreign deposits     2,390      32.0   5.44     3,400      47.7   5.64
       Federal funds
        borrowed            3,180      47.2   6.02     3,642      53.9   5.95
       Security repurchase
        agreements          3,828      42.7   4.53     4,081      48.7   4.80
       Borrowed funds       1,809      27.3   6.12     3,126      43.3   5.57
       Long-term debt and
        capital securities 16,853     265.2   6.36    16,259     257.8   6.37
         Total interest
          bearing
          liabilities      68,866     888.5   5.23    68,208     847.6   5.00
     Noninterest bearing
      deposits             10,781         -      -    10,716         -      -
     Accrued expenses and
      other liabilities     1,314         -      -     1,249         -      -
         Total Liabilities 80,961         -      -    80,173         -      -
     Total Stockholders'
      Equity                6,650         -      -     5,778         -      -
         Total Liabilities
          and Stockholders'
          Equity          $87,611         -      -   $85,951         -      -
 
     Net interest income
      and interest spread       -    $779.2   3.21 %       -    $740.9   3.14 %
 
     Net interest margin        -         -   3.92 %       -         -   3.79 %
 
     (a)  Includes loans held for sale or securitization.
 
 
 
                                     UNAUDITED
 
                             National City Corporation
                          Selected Financial Information
 
                                          2001                  2000
                                          First         Fourth         Third
     (Dollars in Thousands)              Quarter        Quarter       Quarter
     Allowance for Loan Losses:
     Balance at beginning
       of period                         $928,592      $945,492      $970,362
     Provision                             83,372        81,415        70,363
     Allowance related to loans
       acquired (sold or securitized)         887       (17,100)      (25,016)
     Charge-offs:
       Commercial                          28,714        27,568        19,577
       Real estate - commercial             2,960         1,734         1,635
       Real estate - residential            9,993         6,533         6,169
       Consumer                            45,438        45,731        43,248
       Credit card                         23,468        26,463        27,103
       Home equity                          2,115         2,367         1,644
         Total charge-offs                112,688       110,396        99,376
     Recoveries:
       Commercial                           4,403         3,962         4,546
       Real estate - commercial             1,296           556           945
       Real estate - residential              168           131           172
       Consumer                            17,948        18,905        16,949
       Credit card                          4,932         4,790         5,176
       Home equity                            769           837         1,371
         Total recoveries                  29,516        29,181        29,159
     Net charge-offs                       83,172        81,215        70,217
     Balance at end of period            $929,679      $928,592      $945,492
 
     (Dollars in Millions)
     Nonperforming Assets:
     Nonaccrual and
       restructured loans                  $404.0        $369.0        $337.6
     Other real estate owned                 43.1          33.3          27.7
     Total nonperforming
       assets                              $447.1        $402.3        $365.3
 
     Loans 90 days past-due
       accruing interest                   $423.1        $341.8        $310.3
 
     Asset Quality Ratios:
     Net charge-offs to average
       loans (annualized)                     .51 %         .50 %         .45 %
     Allowance for loan losses as a
       percentage of period-end loans        1.39          1.42          1.49
     Nonperforming assets to
       period-end loans and OREO              .67           .61           .57
 
     Capital Ratios*:
     Tier 1 capital                          7.04 %        7.02 %        7.29 %
     Total risk-based capital               11.36         11.45         12.03
     Leverage                                6.58          6.70          6.67
     Tangible common equity
       to tangible assets                    6.19          6.34          6.20
 
     Share Information:
     Average basic shares             600,888,928   608,522,539   608,276,536
     Average diluted shares           610,099,764   615,466,562   613,232,391
     Common shares
       outstanding at end of period   600,749,772   609,188,668   608,397,735
 
     *  First quarter 2001 ratios are based on preliminary data.
 
 
                                     UNAUDITED
 
                             National City Corporation
                          Selected Financial Information
 
                                                            2000
                                                  Second             First
     (Dollars in Thousands)                       Quarter           Quarter
     Allowance for Loan Losses:
     Balance at beginning
       of period                                  $970,642          $970,463
     Provision                                      68,691            66,326
     Allowance related to loans
       acquired (sold or securitized)                 (305)                -
     Charge-offs:
       Commercial                                   25,085            24,141
       Real estate - commercial                      3,282               255
       Real estate - residential                     6,270             5,551
       Consumer                                     36,772            41,717
       Credit card                                  26,083            25,910
       Home equity                                   2,036             1,124
         Total charge-offs                          99,528            98,698
     Recoveries:
       Commercial                                    3,714             5,691
       Real estate - commercial                        848             1,626
       Real estate - residential                       327               311
       Consumer                                     18,900            18,289
       Credit card                                   6,313             5,894
       Home equity                                     760               740
         Total recoveries                           30,862            32,551
     Net charge-offs                                68,666            66,147
     Balance at end of period                     $970,362          $970,642
 
     (Dollars in Millions)
     Nonperforming Assets:
     Nonaccrual and
       restructured loans                           $313.7            $290.8
     Other real estate owned                          25.6              23.3
     Total nonperforming
       assets                                       $339.3            $314.1
 
     Loans 90 days past-due
       accruing interest                            $249.4            $250.0
 
     Asset Quality Ratios:
     Net charge-offs to average
       loans (annualized)                              .44 %             .44 %
     Allowance for loan losses as a
       percentage of period-end loans                 1.58              1.57
     Nonperforming assets to
       period-end loans and OREO                       .55               .51
 
     Capital Ratios*:
     Tier 1 capital                                   7.12 %            6.97 %
     Total risk-based capital                        11.93             11.70
     Leverage                                         6.23              6.05
     Tangible common equity
       to tangible assets                             5.81              5.38
 
     Share Information:
     Average basic shares                      606,927,559       605,766,137
     Average diluted shares                    611,070,243       610,694,306
     Common shares
       outstanding at end of period            607,433,924       606,227,792
 
     *  First quarter 2001 ratios are based on preliminary data.
 
                       MAKE YOUR OPINION COUNT -  Click Here
     http://tbutton.prnewswire.com/prn/11690X68255699
 
 

SOURCE National City Corporation
    CLEVELAND, April 20 /PRNewswire Interactive News Release/ -- National City
 Corporation (NYSE:   NCC) today reported first quarter 2001 net income,
 excluding certain charges and gains, of $326.8 million, or $.54 per diluted
 share.  On this basis, earnings per diluted share and net income increased
 14.9% and 12.5%, respectively, over the fourth quarter of 2000 and 8.0% and
 8.1%, respectively, over last year's first quarter.
     Chairman and CEO David A. Daberko commented, "Over the past nine months,
 we have made important changes strategically and organizationally.  We have
 sharpened our focus on the Corporation's business lines, maintained high
 standards of asset quality, managed the balance sheet for greater capital
 efficiency, and clearly defined our strategic direction.  Our team members are
 dedicated to shifting the Corporation's business mix to those businesses with
 higher revenue growth characteristics, most notably our processing, commercial
 banking, and asset management businesses.  We have also placed a demonstrably
 higher priority on developing a stronger retail culture by increasing customer
 acquisition and retention, and greatly improving the quality of service
 provided to our entire customer base.  We continue to upgrade technology and
 product offerings and to strengthen the National City brand identity in our
 Midwest markets."
     Tax-equivalent net interest income for the first quarter rose to
 $779.2 million from $756.2 million last quarter, or over 12% on an annualized
 basis.  Although sales and securitization of assets in 2000 initially reduced
 net interest income, robust loan originations have since boosted average
 earning assets, and when combined with better spreads, led to the increase in
 net interest income.  Also contributing to the linked-quarter net interest
 income and margin improvement was core deposit growth, at an annualized pace
 of 3.5%.  The net interest margin was 3.92% in the first quarter, continuing a
 positive trend over the past five quarters.  Tax-equivalent net interest
 income for first quarter 2001 was up 5.2% from the first quarter of 2000, with
 the net interest margin also posting an improvement from 3.79% a year ago.
     Loan growth continued to be strong during the first quarter of 2001 with
 average loans reaching $66.2 billion versus $64.6 billion in last year's
 fourth quarter and $61.0 billion in the first quarter a year ago.  First
 quarter 2001 average loans, after adjusting for loan sales and
 securitizations, grew 11.6% on an annualized basis over the fourth quarter of
 2000, and gained 15.7% over the 2000 first quarter.  Commercial loans and
 leases showed especially good growth, and greater emphasis placed on risk-
 adjusted returns contributed to wider spreads.  Bolstered by lower interest
 rates, home equity and real estate loan production also contributed to the
 increase in outstanding loans.  Mindful of a slowing economy and its
 implications on credit quality, the Corporation maintained its sound
 underwriting standards.
     On a year-over-year quarterly comparison of fees and other income, there
 was solid growth in deposit service charges, item processing revenue, and
 card-related fees.  Fees and other income of $575.1 million in the first
 quarter of 2001 increased 4.7% from $549.1 million in the first quarter a year
 ago, excluding charges and gains related to mortgage servicing activities and
 venture capital investments.  Increased customer debit card usage and fewer
 waived fees led to higher deposit service charges versus the 2000 first
 quarter.  Item processing revenue also demonstrated strong growth over the
 past year due to increased debit and credit card volume and an expanded
 merchant base.  Successful sales efforts and the securitization of nearly
 $1.0 billion of credit card receivables during the past year led to the year-
 over-year increase in card-related fees.  Strong mortgage originations
 propelled National City's residential loan servicing portfolio to
 $60.6 billion at March 31, 2001, up 25% from $48.6 billion a year ago.  Higher
 servicing fees on this much larger portfolio combined with the strength of
 production revenue supported solid core mortgage banking revenue, offset by
 lower gains on nonconforming mortgage loan sales.
     Fees and other income on an operating basis for the 2001 first quarter of
 $575.1 million were relatively unchanged from $578.1 million in last year's
 fourth quarter.  A $20.6 million gain on the January 2001 securitization of
 nearly $400 million of credit card receivables was principally offset by a
 seasonal decline in item processing revenue, lower mortgage banking revenue,
 and a reduction in other fee income.
     Noninterest expense, excluding certain charges, was $771.5 million in the
 first quarter of 2001, down 4.0% from $804.0 million in the fourth quarter of
 2000 and up only 1.6% from $759.1 million in the 2000 first quarter.
 Favorably affecting the linked-quarter comparison of noninterest expense were
 lower expenses for third party services and reduced market-based compensation.
 Miscellaneous operating losses, affected partially by seasonal factors, also
 decreased from last year's fourth quarter.  Higher volume-driven personnel and
 card processing expenses in 2001, partially offset by state and local tax
 refunds in 2000, led to the modest year-over-year quarterly increase in
 noninterest expense.
     Credit quality remained sound.  The slowing economy, as expected, led to
 the rise in nonperforming assets and slightly higher net charge-offs.  Net
 charge-offs in the first quarter totaled  $83.2 million, or .51% of average
 loans, compared to $81.2 million, or .50% of average loans in the fourth
 quarter of 2000, and $66.1 million, or .44% of average loans in the first
 quarter of 2000.  At March 31, 2001, the allowance for loan losses was
 $929.7 million, or 1.39% of loans, compared to $928.6 million, or 1.42% of
 loans at December 31, 2000, and $970.6 million, or 1.57% of loans a year ago.
 At March 31, 2001, nonperforming assets were $447.1 million, compared to
 $402.3 million at December 31, 2000, and $314.1 million at March 31, 2000.  As
 a percentage of loans and other real estate, nonperforming assets were .67% at
 March 31, 2001, compared to .61% at December 31, 2000 and .51% a year ago.  At
 March 31, 2001, real estate mortgage loans, which have historically had low
 loss ratios, comprised 53% of nonperforming assets.
     Net income reported for the 2001 first quarter, including the nonoperating
 charges and gains discussed below, was $335.4 million, or $.55 per diluted
 share, representing respective increases of 8.9% and 10.0% over the fourth
 quarter of 2000 and 4.4% and 3.8% over last year's first quarter.
     The combined nonoperating charges and gains referenced above increased
 reported first quarter net income by $8.6 million, or $.01 per share.  These
 items consisted of a pretax charge of $33.5 million to write-down estimated
 automobile lease residual values; $221.3 million of trading gains on
 derivatives used to hedge mortgage servicing assets, largely offset by
 $198.3 million of impairment charges for estimated mortgage servicing asset
 devaluation; the previously-announced $40.0 million income tax charge related
 to exposure on interest deductions claimed for corporate-owned life insurance;
 and $85.3 million of equity security and venture capital investment gains.
     Fees and other income reported for the first quarter of 2001 of
 $598.5 million increased 7.4% from $557.4 million in the first quarter of
 2000, yet were down from $604.8 million in the 2000 fourth quarter.  Fees and
 other income for the 2001 first quarter included the aforementioned derivative
 trading gains and impairment charges related to mortgage servicing activities
 and also reflected a $26.3 million reduction in venture capital gains compared
 to the 2000 fourth quarter.  Although the lower interest rate environment
 drove record mortgage production, the higher level of refinancing also
 increased prepayment rates and lowered the estimated value of existing
 mortgage servicing assets, which led to a decrease in mortgage banking
 revenue.  This decline was more than offset by the gains recognized on
 derivatives used to hedge the decrease in estimated fair value of the mortgage
 servicing assets.
     New accounting rules adopted in 2001 caused and may continue to cause
 significant, but generally counterbalancing entries related to mortgage
 servicing hedging and valuation.  The Corporation hedges the economic risk
 associated with changes in the fair value of mortgage servicing assets using
 both derivative instruments and on-balance-sheet securities.  The primary
 hedging strategies use derivative financial instruments, which beginning
 January 1, 2001, are carried at fair value on the balance sheet.  Changes in
 the estimated fair value of these derivatives are recorded as trading gains
 and losses in the income statement and are not recorded as direct offsets to
 the related impairment recognized from the devaluation of the mortgage
 servicing rights.
     The Corporation continued to generate substantial profits from its bank
 stock and venture capital investments.  Bank stock gains, included in security
 gains, were $84.9 million for the 2001 first quarter, versus $50.3 million
 last quarter, and $21.1 million for the first quarter a year ago.  The bank
 stock fund is managed opportunistically, with the degree of market strength
 and industry consolidation affecting the comparability of achieved results
 between periods.  Venture capital gains, included in other noninterest income,
 were $.4 million in the 2001 first quarter compared to $26.7 million last
 quarter and $8.2 million for the first three months of 2000.
     Noninterest expense reported in the first quarter of 2001 was
 $805.0 million and included a $33.5 million charge to reflect further
 deterioration in estimated automobile lease residual values.  Noninterest
 expense reported in the fourth quarter of 2000 was $854.4 million and included
 $44.0 million of charges related to the realignment of the Corporation's
 consumer finance business.  This strategic realignment included the decision
 to close all of its Loan Zone stores, exit the wholesale loan origination
 business of its Altegra subsidiary, and exit the automobile leasing business.
     Total assets were $90.8 billion at March 31, 2001, and total stockholders'
 equity was $6.8 billion.  Equity as a percentage of assets stood strong at
 7.44% as of March 31, 2001, up from 6.81% at the end of the 2000 first
 quarter.  Tangible equity as a percentage of tangible assets was 6.19% at
 March 31, 2001, up 15% from 5.38% a year ago.
     Mr. Daberko's comments contain forward-looking statements that involve
 significant risks and uncertainties, including changes in general economic and
 financial market conditions and the Corporation's ability to execute its
 business plans.  Although management believes the expectations reflected in
 such forward-looking statements are reasonable, actual results may differ
 materially.  Further, National City Corporation has disclosed in its SEC
 filings that it is engaged in a dispute with the Internal Revenue Service
 concerning the deductibility of certain expenses for the years 1990 through
 1998 related to corporate-owned life insurance programs.  In the event a
 satisfactory settlement is not reached in negotiations with the IRS, an
 additional charge of up to $40.0 million may need to be recorded either later
 this year or in a subsequent year, pending full adjudication of the matter.
     Mr. Daberko, Jeffrey D. Kelly, chief financial officer, and Robert J.
 Ondercik, chief credit officer, will host a conference call today at
 11:00 a.m. EDT to review first quarter results and National City's business
 outlook for the remainder of the year.  Individual investors and the media are
 welcome to join the call in a listen-only mode by calling (888) 428-4474
 beginning at 10:45 a.m. EDT.  Associated materials are accessible through
 National City's website, www.nationalcity.com .  A replay of the conference
 call will also be available through Wednesday, April 25, 2001, by calling
 (800) 475-6701, using the confirmation code 545483.
     National City Corporation is a $91 billion financial holding company
 headquartered in Cleveland, Ohio.  Through its subsidiaries, the company
 provides a full range of financial services including investment banking,
 brokerage, mutual fund, insurance, and traditional banking services to
 individuals and businesses.  National City has offices in Ohio, Pennsylvania,
 Indiana, Kentucky, Illinois, and Michigan.  National City can be found on the
 World Wide Web at http://www.nationalcity.com .
 
                                   UNAUDITED
 
                           National City Corporation
                              Financial Highlights
                (Dollars in Millions, Except Per Share Amounts)
 
 
                                               2001              2000
                                               First      Fourth       Third
                                              Quarter     Quarter     Quarter
     EARNINGS:
     Tax-equivalent net interest income       $779.2      $756.2      $746.0
     Provision for loan losses                  83.4        81.4        70.4
     Fees and other income                     598.5       604.8       590.9
     Net securities gains (losses)              88.1        50.7        27.5
     Noninterest expense                       805.0       854.4       785.3
     Income tax expense and tax-
       equivalent adjustment                   242.0       167.9       178.0
     Net income                               $335.4      $308.0      $330.7
 
 
     PER COMMON SHARE:
       Net income
           Basic                                $.56        $.50        $.55
           Diluted                               .55         .50         .54
           Diluted - cash basis (a)              .58         .53         .57
       Dividends paid                           .285        .285        .285
       Book value                              11.19       11.06       10.58
       Market value (close)                    26.75       28.75       22.00
       Average shares
           Basic                              600.89      608.52      608.28
           Diluted                            610.10      615.47      613.23
 
 
     PERFORMANCE RATIOS:
     Return on average
       common equity                           20.52 %     18.75 %     21.13 %
     Return on average assets                   1.55        1.44        1.56
     Net interest margin                        3.92        3.90        3.90
     Efficiency ratio                          58.43       62.78       58.74
 
 
     AT PERIOD END:
     Assets                                  $90,818     $88,535     $85,046
     Loans                                    66,673      65,604      63,660
     Securities (at fair value)                9,468       9,904       9,656
     Deposits                                 55,854      55,256      52,726
     Stockholders' equity                      6,754       6,770       6,467
     Equity to assets                           7.44 %      7.65 %      7.60 %
     Tangible common equity to
       tangible assets                          6.19        6.34        6.20
     Common shares outstanding                600.75      609.19      608.40
 
 
     ASSET QUALITY:
     Net charge-offs to average
       loans (annualized)                        .51 %       .50 %       .45 %
     Allowance for loan losses as
       a percentage of period-end
       loans                                    1.39        1.42        1.49
     Nonperforming assets to period-
       end loans and OREO                        .67         .61         .57
 
     (a)  Excludes amortization of goodwill and other intangible assets.
 
 
                                   UNAUDITED
 
                           National City Corporation
                              Financial Highlights
                (Dollars in Millions, Except Per Share Amounts)
 
 
                                                       2000             1Q01/
                                               Second        First      1Q00
                                               Quarter      Quarter   % Change
     EARNINGS:
     Tax-equivalent net interest
       income                                  $749.0       $740.9        5.2 %
     Provision for loan losses                   68.7         66.3       25.7
     Fees and other income                      674.3        557.4        7.4
     Net securities gains (losses)              (42.8)        21.5      309.3
     Noninterest expense                        785.1        759.1        6.0
     Income tax expense and tax-
       equivalent adjustment                    184.3        173.1       39.9
     Net income                                $342.4       $321.3        4.4
 
 
     PER COMMON SHARE:
       Net income
           Basic                                 $.56         $.53        5.7 %
           Diluted                                .56          .53        3.8
           Diluted - cash basis (a)               .59          .56        3.6
       Dividends paid                            .285         .285          -
       Book value                               10.05         9.71       15.2
       Market value (close)                     17.06        20.63       29.7
       Average shares
           Basic                               606.93       605.77        (.8)
           Diluted                             611.07       610.69        (.1)
 
 
     PERFORMANCE RATIOS:
     Return on average common equity            23.13 %      22.45 %        -
     Return on average assets                    1.59         1.50          -
     Net interest margin                         3.80         3.79          -
     Efficiency ratio                           55.16        58.47          -
 
 
     AT PERIOD END:
     Assets                                   $84,601      $86,895        4.5 %
     Loans                                     61,570       61,857        7.8
     Securities (at fair value)                10,719       13,783      (31.3)
     Deposits                                  49,988       50,613       10.4
     Stockholders' equity                       6,133        5,918       14.1
     Equity to assets                            7.25 %       6.81 %      9.3
     Tangible common equity to tangible assets   5.81         5.38       15.1
     Common shares outstanding                 607.43       606.23        (.9)
 
 
     ASSET QUALITY:
     Net charge-offs to average
       loans (annualized)                         .44 %        .44 %        -
     Allowance for loan losses as
       a percentage of period-end loans          1.58         1.57          -
     Nonperforming assets to period-
       end loans and OREO                         .55          .51          -
 
     (a)  Excludes amortization of goodwill and other intangible assets.
 
 
                                     UNAUDITED
 
                             National City Corporation
                         Consolidated Statements of Income
                  (Dollars in Thousands, Except Per Share Amounts)
 
                                              2001               2000
                                              First       Fourth       Third
                                             Quarter      Quarter     Quarter
     Interest Income:
      Loans                                 $1,506,488  $1,534,503  $1,479,328
      Securities:
       Taxable                                 122,017     122,083     140,303
       Exempt from Federal income taxes         10,319      10,615      10,750
       Dividends                                11,146      13,346      14,054
      Federal funds sold and security
        resale agreements                        1,616       2,036       3,058
      Other investments                          8,225       5,550       4,464
        Total interest income                1,659,811   1,688,133   1,651,957
 
     Interest Expense:
      Deposits                                 506,058     526,377     500,477
      Federal funds borrowed and
        security repurchase agreements          89,946     103,745     103,895
      Borrowed funds                            27,267      15,044      28,609
      Long-term debt and capital
       securities                              265,248     295,249     281,443
        Total interest expense                 888,519     940,415     914,424
 
        Net interest income                    771,292     747,718     737,533
      Provision for loan losses                 83,372      81,415      70,363
        Net interest income after
         provision for loan losses             687,920     666,303     667,170
 
     Noninterest Income:
      Deposit service charges                  111,806     112,975     115,392
      Item processing revenue                  106,441     118,845     112,051
      Trust and investment management fees      81,850      81,144      79,805
      Card-related fees                         44,671      44,522      41,148
      Mortgage banking                         (97,761)    109,596     110,454
      Trading gains, net                       235,745       6,098       2,773
      Other                                    115,788     131,630     129,255
        Total fees and other income            598,540     604,810     590,878
      Net securities gains (losses)             88,130      50,664      27,435
        Total noninterest income               686,670     655,474     618,313
 
     Noninterest Expense:
      Salaries, benefits and other personnel   410,393     413,096     405,984
      Equipment                                 60,002      57,997      56,038
      Net occupancy                             53,479      52,015      52,730
      Third-party services                      43,601      52,590      51,201
      Other                                    237,522     278,739     219,356
        Total noninterest expense              804,997     854,437     785,309
 
     Income before income tax expense          569,593     467,340     500,174
     Income tax expense                        234,190     159,329     169,538
        Net income                            $335,403    $308,011    $330,636
 
 
     Net Income Per Common Share:
        Basic                                     $.56        $.50        $.55
        Diluted                                    .55         .50         .54
 
 
                                     UNAUDITED
 
                             National City Corporation
                         Consolidated Statements of Income
                  (Dollars in Thousands, Except Per Share Amounts)
 
                                                             2000
                                                   Second             First
                                                   Quarter           Quarter
     Interest Income:
      Loans                                      $1,433,996        $1,342,266
      Securities:
       Taxable                                      176,765           202,255
       Exempt from Federal income taxes              10,914            11,171
       Dividends                                     13,989            13,463
      Federal funds sold and security
        resale agreements                             6,802             6,958
      Other investments                               4,008             3,906
        Total interest income                     1,646,474         1,580,019
 
     Interest Expense:
      Deposits                                      466,241           443,939
      Federal funds borrowed and
        security repurchase agreements               85,727           102,568
      Borrowed funds                                 77,782            43,281
      Long-term debt and capital
       securities                                   276,069           257,775
        Total interest expense                      905,819           847,563
 
        Net interest income                         740,655           732,456
      Provision for loan losses                      68,691            66,326
        Net interest income after
         provision for loan losses                  671,964           666,130
 
     Noninterest Income:
      Deposit service charges                       108,073           106,313
      Item processing revenue                       107,326           101,218
      Trust and investment management fees           90,054            83,624
      Card-related fees                              38,561            36,797
      Mortgage banking                              147,610           111,294
      Trading gains, net                              4,164             5,155
      Other                                         178,540           112,965
        Total fees and other income                 674,328           557,366
      Net securities gains (losses)                 (42,780)           21,533
        Total noninterest income                    631,548           578,899
 
     Noninterest Expense:
      Salaries, benefits and other personnel        401,309           406,871
      Equipment                                      57,759            57,682
      Net occupancy                                  51,816            52,668
      Third-party services                           48,546            45,148
      Other                                         225,640           196,724
        Total noninterest expense                   785,070           759,093
 
     Income before income tax expense               518,442           485,936
     Income tax expense                             176,055           164,593
        Net income                                 $342,387          $321,343
 
 
     Net Income Per Common Share:
        Basic                                          $.56              $.53
        Diluted                                         .56               .53
 
 
                                     UNAUDITED
 
                             National City Corporation
                      Consolidated Period-End Balance Sheets
                              (Dollars in Thousands)
 
                                            2001                2000
                                            First       Fourth        Third
     Assets                                Quarter      Quarter      Quarter
       Loans:
         Commercial                      $27,397,956  $26,703,622  $25,873,664
         Real estate - commercial          6,625,035    6,511,018    6,372,924
         Real estate - residential        13,502,846   13,357,438   12,303,054
         Consumer                         12,140,385   12,100,567   12,317,934
         Credit card                       2,092,678    2,152,445    2,260,766
         Home equity                       4,913,701    4,779,359    4,531,993
           Total loans                    66,672,601   65,604,449   63,660,335
         Allowance for loan losses          (929,679)    (928,592)    (945,492)
           Net loans                      65,742,922   64,675,857   62,714,843
       Loans held for sale or
        securitization:
         Mortgage loans held for sale      5,882,521    3,030,672    2,945,975
         Credit card loans held for
          securitization                           -      407,900            -
           Total loans held for sale or
            securitization                 5,882,521    3,438,572    2,945,975
       Securities available for sale, at
        fair value                         9,468,365    9,904,533    9,655,612
       Federal funds sold and security
        resale agreements                      4,460       81,040      111,222
       Other investments                     529,766      687,732      173,483
       Cash and demand balances due from
        banks                              3,314,336    3,535,186    3,230,100
       Properties and equipment            1,066,295    1,071,637    1,090,185
       Accrued income and other assets     4,809,268    5,140,052    5,124,455
           Total Assets                  $90,817,933  $88,534,609  $85,045,875
 
     Liabilities
       Deposits:
         Noninterest bearing deposits    $11,563,466  $11,500,026  $10,646,830
         NOW and money market accounts    17,703,959   17,262,587   16,496,536
         Savings accounts                  2,799,732    2,883,763    3,036,999
         Consumer time deposits           15,670,865   15,816,422   15,763,352
         Other deposits                    5,971,041    4,072,308    2,780,526
         Foreign deposits                  2,145,016    3,721,316    4,001,338
           Total deposits                 55,854,079   55,256,422   52,725,581
       Federal funds borrowed and
        security repurchase agreements     9,410,866    5,677,643    6,097,889
       Borrowed funds                      1,644,320      903,725    2,283,295
       Long-term debt                     15,329,472   17,964,800   15,455,589
       Corporation-obligated mandatorily
        redeemable capital securities of
        subsidiary trusts holding
        solely debentures of the
        Corporation                          180,000      180,000      180,000
       Accrued expenses and other
        liabilities                        1,645,209    1,782,198    1,836,114
           Total Liabilities              84,063,946   81,764,788   78,578,468
     Stockholders' Equity
       Preferred stock                        29,968       29,968       29,982
       Common stock                        2,403,000    2,436,755    2,433,591
       Capital surplus                       841,808      837,444      828,220
       Retained earnings                   3,446,673    3,405,077    3,272,496
       Accumulated other comprehensive
          income (loss)                       32,538       60,577      (96,882)
         Total Stockholders' Equity        6,753,987    6,769,821    6,467,407
         Total Liabilities and
           Stockholders' Equity          $90,817,933  $88,534,609  $85,045,875
 
 
                                     UNAUDITED
 
                             National City Corporation
                      Consolidated Period-End Balance Sheets
                              (Dollars in Thousands)
 
                                                            2000
                                                  Second             First
     Assets                                       Quarter           Quarter
       Loans:
         Commercial                             $24,935,236       $23,714,907
         Real estate - commercial                 6,265,055         6,062,272
         Real estate - residential               11,179,970        11,346,300
         Consumer                                12,386,130        14,438,457
         Credit card                              2,601,931         2,404,230
         Home equity                              4,201,854         3,890,385
           Total loans                           61,570,176        61,856,551
         Allowance for loan losses                 (970,362)         (970,642)
           Net loans                             60,599,814        60,885,909
       Loans held for sale or
        securitization:
         Mortgage loans held for sale             3,198,328         2,330,395
         Credit card loans held for
          securitization                                  -                 -
           Total loans held for sale or
            securitization                        3,198,328         2,330,395
       Securities available for sale, at
        fair value                               10,719,285        13,783,119
       Federal funds sold and security
        resale agreements                           493,130           408,228
       Other investments                            145,623           126,624
       Cash and demand balances due from banks    3,262,268         3,229,032
       Properties and equipment                   1,098,053         1,116,332
       Accrued income and other assets            5,084,132         5,015,754
           Total Assets                         $84,600,633       $86,895,393
 
     Liabilities
       Deposits:
         Noninterest bearing deposits           $11,384,267       $11,034,147
         NOW and money market accounts           16,291,791        16,488,169
         Savings accounts                         3,230,386         3,430,306
         Consumer time deposits                  15,583,974        15,285,430
         Other deposits                           2,874,460         2,764,812
         Foreign deposits                           623,331         1,610,489
           Total deposits                        49,988,209        50,613,353
       Federal funds borrowed and security
           repurchase agreements                  4,012,113         6,307,165
       Borrowed funds                             6,974,817         5,540,814
       Long-term debt                            15,976,934        16,803,105
       Corporation-obligated mandatorily
        redeemable capital securities of
        subsidiary trusts holding
        solely debentures of the
        Corporation                                 180,000           180,000
       Accrued expenses and other
        liabilities                               1,335,080         1,533,348
           Total Liabilities                     78,467,153        80,977,785
     Stockholders' Equity
       Preferred stock                               29,982            29,982
       Common stock                               2,429,736         2,424,912
       Capital surplus                              812,671           798,986
       Retained earnings                          3,119,402         2,950,299
       Accumulated other comprehensive
          income (loss)                            (258,311)         (286,571)
         Total Stockholders' Equity               6,133,480         5,917,608
         Total Liabilities and
           Stockholders' Equity                 $84,600,633       $86,895,393
 
 
 
                                     UNAUDITED
 
                             National City Corporation
                        Consolidated Average Balance Sheets
                               (Dollars in Millions)
 
                                   2001                   2000
                                   First   Fourth    Third   Second    First
     Assets                       Quarter  Quarter  Quarter  Quarter  Quarter
     Earning Assets:
       Loans:
         Commercial               $27,010  $26,132  $25,294  $24,379  $23,496
         Real estate - commercial   6,550    6,435    6,273    6,157    6,020
         Real estate -
          residential              13,533   12,876   11,627   11,470   10,901
         Consumer                  12,174   12,165   12,224   13,973   14,520
         Credit card                2,113    2,383    2,487    2,514    2,336
         Home equity                4,845    4,654    4,343    4,044    3,770
           Total loans             66,225   64,645   62,248   62,537   61,043
       Loans held for sale or
        securitization:
         Mortgage loans held for
          sale                      3,473    2,851    3,001    2,848    2,101
         Credit card loans held
          for securitization          131        4        -        -        -
           Total loans held for
            sale or
            securitization          3,604    2,855    3,001    2,848    2,101
       Securities available for
        sale, at cost               9,491    9,543   10,786   13,064   14,600
       Federal funds sold and
        security resale agreements    112      120      178      432      481
       Other investments              330      200      165      146      154
           Total earning assets    79,762   77,363   76,378   79,027   78,379
     Allowance for loan losses       (950)    (967)    (991)    (995)    (996)
     Fair value appreciation
      (depreciation)
       of securities available
       for sale                       123     (101)    (304)    (430)    (408)
     Cash and demand balances due
        from banks                  3,000    3,005    3,091    3,116    3,140
     Properties and equipment       1,078    1,086    1,099    1,114    1,127
     Accrued income and other
      assets                        4,598    4,914    4,928    4,939    4,709
         Total Assets             $87,611  $85,300  $84,201  $86,771  $85,951
 
     Liabilities
     Deposits:
       Noninterest bearing
        deposits                  $10,781  $10,682  $10,837  $10,934  $10,716
       NOW and money market
        accounts                   17,276   16,803   16,473   16,477   16,443
       Savings accounts             2,835    2,958    3,139    3,321    3,413
       Consumer time deposits      15,725   15,764   15,652   15,385   15,019
       Other deposits               4,970    3,201    2,838    2,881    2,825
       Foreign deposits             2,390    3,275    2,974    2,862    3,400
         Total deposits            53,977   52,683   51,913   51,860   51,816
     Federal funds borrowed and
      security
      repurchase agreements         7,008    6,837    6,941    6,053    7,723
     Borrowed funds                 1,809      872    1,726    5,056    3,126
     Long-term debt and capital
      securities                   16,853   16,910   16,014   16,636   16,259
     Accrued expenses and other
       liabilities                  1,314    1,444    1,361    1,190    1,249
         Total Liabilities         80,961   78,746   77,955   80,795   80,173
     Stockholders' Equity:
       Preferred                       30       30       30       30       30
       Common                       6,620    6,524    6,216    5,946    5,748
         Total Stockholders'
          Equity                    6,650    6,554    6,246    5,976    5,778
         Total Liabilities and
          Stockholders' Equity    $87,611  $85,300  $84,201  $86,771  $85,951
 
 
                                     UNAUDITED
 
                             National City Corporation
                Average Balances and Rates on a Tax Equivalent Basis
                 For the Three Months Ended March 31, 2001 and 2000
                               (Dollars in Millions)
 
                                    2001                       2000
                                     Tax                        Tax
                          Average Equivalent Average Average Equivalent Average
     Assets               Balance  Interest   Rate   Balance  Interest   Rate
     Earning Assets:
       Loans:
         Commercial       $27,010    $562.5   8.44 % $23,496    $490.1   8.39 %
         Real estate  -
          commercial        6,550     138.5   8.57     6,020     130.7   8.73
         Real estate  -
          residential (a)  17,006     353.7   8.32    13,002     260.2   8.00
         Consumer          12,174     264.9   8.83    14,520     302.9   8.39
         Credit card (a)    2,244      75.4  13.62     2,336      77.7  13.38
         Home equity        4,845     113.9   9.40     3,770      83.4   8.85
           Total loans     69,829   1,508.9   8.72    63,144   1,345.0   8.56
       Securities:
         Taxable            8,730     133.6   6.13    13,789     216.0   6.27
         Tax-exempt           761      15.4   8.08       811      16.6   8.19
           Total securities 9,491     149.0   6.29    14,600     232.6   6.38
       Federal funds sold,
        security resale
        agreements and
         other investments    442       9.8   9.04       635      10.9   6.88
           Total earning
            assets         79,762   1,667.7   8.44    78,379   1,588.5   8.14
     Allowance for loan
      losses                 (950)        -      -      (996)        -      -
     Fair value
      appreciation
      (depreciation) of
       securities available
        for sale              123         -      -      (408)        -      -
     Noninterest earning
      assets                8,676         -      -     8,976         -      -
         Total Assets     $87,611         -      -   $85,951         -      -
 
     Liabilities and
      Stockholders' Equity
     Interest bearing
      liabilities:
       NOW and money market
        accounts          $17,276    $160.9   3.78 % $16,443    $140.0   3.43 %
       Savings accounts     2,835      10.7   1.53     3,413      14.2   1.67
       Consumer time
        deposits           15,725     230.8   5.95    15,019     201.0   5.38
       Other deposits       4,970      71.7   5.85     2,825      41.0   5.84
       Foreign deposits     2,390      32.0   5.44     3,400      47.7   5.64
       Federal funds
        borrowed            3,180      47.2   6.02     3,642      53.9   5.95
       Security repurchase
        agreements          3,828      42.7   4.53     4,081      48.7   4.80
       Borrowed funds       1,809      27.3   6.12     3,126      43.3   5.57
       Long-term debt and
        capital securities 16,853     265.2   6.36    16,259     257.8   6.37
         Total interest
          bearing
          liabilities      68,866     888.5   5.23    68,208     847.6   5.00
     Noninterest bearing
      deposits             10,781         -      -    10,716         -      -
     Accrued expenses and
      other liabilities     1,314         -      -     1,249         -      -
         Total Liabilities 80,961         -      -    80,173         -      -
     Total Stockholders'
      Equity                6,650         -      -     5,778         -      -
         Total Liabilities
          and Stockholders'
          Equity          $87,611         -      -   $85,951         -      -
 
     Net interest income
      and interest spread       -    $779.2   3.21 %       -    $740.9   3.14 %
 
     Net interest margin        -         -   3.92 %       -         -   3.79 %
 
     (a)  Includes loans held for sale or securitization.
 
 
 
                                     UNAUDITED
 
                             National City Corporation
                          Selected Financial Information
 
                                          2001                  2000
                                          First         Fourth         Third
     (Dollars in Thousands)              Quarter        Quarter       Quarter
     Allowance for Loan Losses:
     Balance at beginning
       of period                         $928,592      $945,492      $970,362
     Provision                             83,372        81,415        70,363
     Allowance related to loans
       acquired (sold or securitized)         887       (17,100)      (25,016)
     Charge-offs:
       Commercial                          28,714        27,568        19,577
       Real estate - commercial             2,960         1,734         1,635
       Real estate - residential            9,993         6,533         6,169
       Consumer                            45,438        45,731        43,248
       Credit card                         23,468        26,463        27,103
       Home equity                          2,115         2,367         1,644
         Total charge-offs                112,688       110,396        99,376
     Recoveries:
       Commercial                           4,403         3,962         4,546
       Real estate - commercial             1,296           556           945
       Real estate - residential              168           131           172
       Consumer                            17,948        18,905        16,949
       Credit card                          4,932         4,790         5,176
       Home equity                            769           837         1,371
         Total recoveries                  29,516        29,181        29,159
     Net charge-offs                       83,172        81,215        70,217
     Balance at end of period            $929,679      $928,592      $945,492
 
     (Dollars in Millions)
     Nonperforming Assets:
     Nonaccrual and
       restructured loans                  $404.0        $369.0        $337.6
     Other real estate owned                 43.1          33.3          27.7
     Total nonperforming
       assets                              $447.1        $402.3        $365.3
 
     Loans 90 days past-due
       accruing interest                   $423.1        $341.8        $310.3
 
     Asset Quality Ratios:
     Net charge-offs to average
       loans (annualized)                     .51 %         .50 %         .45 %
     Allowance for loan losses as a
       percentage of period-end loans        1.39          1.42          1.49
     Nonperforming assets to
       period-end loans and OREO              .67           .61           .57
 
     Capital Ratios*:
     Tier 1 capital                          7.04 %        7.02 %        7.29 %
     Total risk-based capital               11.36         11.45         12.03
     Leverage                                6.58          6.70          6.67
     Tangible common equity
       to tangible assets                    6.19          6.34          6.20
 
     Share Information:
     Average basic shares             600,888,928   608,522,539   608,276,536
     Average diluted shares           610,099,764   615,466,562   613,232,391
     Common shares
       outstanding at end of period   600,749,772   609,188,668   608,397,735
 
     *  First quarter 2001 ratios are based on preliminary data.
 
 
                                     UNAUDITED
 
                             National City Corporation
                          Selected Financial Information
 
                                                            2000
                                                  Second             First
     (Dollars in Thousands)                       Quarter           Quarter
     Allowance for Loan Losses:
     Balance at beginning
       of period                                  $970,642          $970,463
     Provision                                      68,691            66,326
     Allowance related to loans
       acquired (sold or securitized)                 (305)                -
     Charge-offs:
       Commercial                                   25,085            24,141
       Real estate - commercial                      3,282               255
       Real estate - residential                     6,270             5,551
       Consumer                                     36,772            41,717
       Credit card                                  26,083            25,910
       Home equity                                   2,036             1,124
         Total charge-offs                          99,528            98,698
     Recoveries:
       Commercial                                    3,714             5,691
       Real estate - commercial                        848             1,626
       Real estate - residential                       327               311
       Consumer                                     18,900            18,289
       Credit card                                   6,313             5,894
       Home equity                                     760               740
         Total recoveries                           30,862            32,551
     Net charge-offs                                68,666            66,147
     Balance at end of period                     $970,362          $970,642
 
     (Dollars in Millions)
     Nonperforming Assets:
     Nonaccrual and
       restructured loans                           $313.7            $290.8
     Other real estate owned                          25.6              23.3
     Total nonperforming
       assets                                       $339.3            $314.1
 
     Loans 90 days past-due
       accruing interest                            $249.4            $250.0
 
     Asset Quality Ratios:
     Net charge-offs to average
       loans (annualized)                              .44 %             .44 %
     Allowance for loan losses as a
       percentage of period-end loans                 1.58              1.57
     Nonperforming assets to
       period-end loans and OREO                       .55               .51
 
     Capital Ratios*:
     Tier 1 capital                                   7.12 %            6.97 %
     Total risk-based capital                        11.93             11.70
     Leverage                                         6.23              6.05
     Tangible common equity
       to tangible assets                             5.81              5.38
 
     Share Information:
     Average basic shares                      606,927,559       605,766,137
     Average diluted shares                    611,070,243       610,694,306
     Common shares
       outstanding at end of period            607,433,924       606,227,792
 
     *  First quarter 2001 ratios are based on preliminary data.
 
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 SOURCE  National City Corporation

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