Golden West Financial Corp. said profit decreased...

Golden West Financial Corp. said profit decreased to $29.4 million from $42.7 million in the first quarter. The Oakland-based parent of World Savings said the drop occurred despite a 33% growth in mortgage originations and a $1.47-billion increase in deposits compared to the like period of last year. The firm said “the higher interest rate environment prevailing in the first three months of 1988 compared to one year ago, combined with intense competition in the mortgage market, put pressure on the company’s profit margin.”