Quarterly Profits Climb 68% at Glendale Federal
Glendale Federal Savings & Loan Assn. reported earnings of $19 million for the quarter ended Sept. 30, up nearly 68% from the $11.4 million earned in the same period last year.
Revenue for the three months, which is the first quarter of Glendale Federal’s fiscal year, rose 17.8% to $387.9 million from $329.3 million.
Glendale Federal Chairman Raymond D. Edwards attributed the improvement to continued strong loan volume, a wider interest-rate spread and strong earnings from the company’s diversified subsidiaries.
Loan volume in Glendale Federal’s California and Florida operations during the quarter was $1.3 billion, up from $823 million in the comparable quarter of 1984.
The net interest margin--the difference between the yield on loans and investments and the cost of funds--was 2.44 percentage points for Glendale Federal’s savings and loan and financing subsidiaries on Sept. 30, compared to 1.46 percentage points a year ago.
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