Glenfed Profit Jumps 101% in 3rd Quarter

Glenfed posted a profit of $42.9 million in its fiscal third quarter, a 101% increase.

The parent company of Glendale Federal Savings & Loan noted that profit was swollen by an extraordinary gain of $9.13 million. Earnings on an operating basis were $33.7 million, 92% higher than in the comparable period a year ago. President Norman M. Coulson said ‘excellent” results were due to continued expense controls, strong loan volume and improved profit margins.