FIRST WACHOVIA <FW> ADDS TO LOAN LOSS RESERVE
First Wachovia Corp said it will
add 50 mln dlrs to its loan loss reserve. It said about 35 mln
dlrs will cover bad loans to developing countries and the
balance is for domestic and international loans.
    First Wachovia also said it will report a second quarter
capital gain of 14.3 mln dlrs from the sale of equity
securities. It said the effect of these transactions will
reduce its second quarter earnings by 20 mln dlrs or 37 cts a
share in net income for the quarter.
    In the year-ago quarter the bank earned 45 mln dlrs or 83
cts a share.
    First Wachovia also said that excluding the second quarter
special items, it expects to report a "good operating earnings
performance" compared with the year-ago quarter.
 Reuter
