Golden West Financial Corp.’s 1988 net income...

Golden West Financial Corp.’s 1988 net income dipped 10% from last year to $138 million. Vigorous demand, especially in California, sent new loan volume to a record $4.7 billion, up 77%. The Oakland-based parent of World Savings attributed the results in part to rising interest rates, which caused the cost of lendable funds to climb faster than the yield on its mortgage portfolio, resulting in narrower profit margins.