S&L; Holding Companies Post Big First-Period Gains
The parent companies of California Federal Savings and Home Savings of America, two of the nation’s largest savings and loans, reported sharp profit increases in the first quarter.
CalFed said its profits rose 56% to $36.6 million, while H. F. Ahmanson & Co. reported that its net income jumped 86% to $67.8 million. Both companies said higher loan volume and lower interest rates helped boost earnings.
CalFed also announced that it was increasing its dividend to 15 cents a share from 12 cents. The dividend is payable June 15 to shareholders of record May 15.
Ahmanson announced that it has completed the public sale of 4.4 million shares of common stock that has netted the financial company nearly $270 million and boosted shareholders’ equity 22%.
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