Great Western Financial expects a record quarter.
Chairman James F. Montgomery told securities analysts in Boston that third-quarter profits should be “toward the high end” of Wall Street estimates, which have ranged from $40 million to $60 million. A company spokesman added that the final figure will be “substantially higher” than the previous record of $45 million, set in the second quarter of this year. Montgomery attributed the profit surge to unprecedented loan volume and “excellent performances” from Great Western’s insurance, consumer finance and retail banking operations.