CalFed Posts Record $50-Million Profit

CalFed, the parent of Los Angeles-based California Federal Savings & Loan, reported a record profit of $50 million in the third quarter ended Sept. 30, an increase of 3.1% from the year-ago period.

CalFed Chairman George P. Rutland said the increase resulted from continued strong loan volume, a rise in interest income and an increase in non-real estate income.

California Federal Savings, which contributed $44.5 million of the parent company’s profit, had a loan volume of $1.8 billion in the third quarter, unchanged from year-earlier levels.

CalFed’s nine-month earnings reached $135 million, up almost 4% from a year earlier. CalFed has $23.1 billion in assets, making it one of the nation’s largest savings and loan companies.