BUSINESS MEMO: BOATMEN'S EARNINGS

Boatmen's Bancshares Inc., headquartered in St. Louis, announced net income of $438.8 million for the 12 months ending Dec. 31, an increase of 8 percent over the $407.8 million in 1994.

Per-share earnings were $3.41 for 1994, up from the $3.17 in 1993. The totals exclude merger expenses during the first half of 1995. Including merger expenses, net income for 1995 was $418.8 million and $3.25 per share.

Return on assets for the year, excluding merger expenses, was 1.34 percent, compared to 1.29 percent in 1994. Return on equity was 15.8 percent compared to 16.1 percent a year ago. Including merger expenses, the return on assets in 1995 was 1.28 percent and return on equity was 15.1 percent.

Net income for the three months ending Dec. 31 was $113.7 million, up 9 percent from the $104.2 million of 1994. Per-share earnings for the final quarter were 88 cents compared to 81 cents in 1994.

Boatmen's Bancshares, with assets of $33.7 billion, is one of the 30 largest U.S. bank-holding companies, operating at more than 500 sites in nine states.