Great Western Financial Net a Record $70 Million

Earnings at Great Western Financial reached a record $70.8 million in the first quarter, more than double the $31.9 million that it earned in the first three months of 1985, the Beverly Hills-based financial institution said.

It was the best quarter in Great Western’s history, Chairman James Montgomery said. “Based on this robust introduction to 1986, we anticipate another excellent year for the company,” he said.

Great Western said new loans totaled $1.9 billion, 73% higher than a year ago. In addition, its interest margin stood at 2.69% at the end of March, compared to 2.23% a year earlier. The interest margin is the difference between an institution’s cost of funds and its yield on loans and investments.