Great Western Profit Rises
Great Western Financial said its earnings in 1988 grew 17% to $248 million, including $59.7 million earned in the fourth quarter that was more than four times what it earned in the last quarter of 1987.
Great Western is a financial services firm with $33 billion in assets whose operations include Great Western Bank in Beverly Hills, one of the country’s largest thrifts. Chairman James F. Montgomery said the 1988 results represented the second most profitable year in the firm’s history.
“These earnings were the result of record loan volume and excellent performances in each of the company’s four core businesses: real estate lending, mortgage banking, retail banking and consumer lending,” Montgomery said.
Meanwhile, Glenfed Inc., the parent company of Glendale Federal Savings & Loan, said its net income fell in the second quarter and six months ending Dec. 31.