Glenfed Says Net Income Dipped 10% in 1st Quarter

Glenfed Inc., the parent of Glendale Federal Bank, said its net income fell 10% to $17.7 million in its fiscal first quarter that ended Sept. 30 from $19.6 million a year earlier, when the S&L; showed big pretax earnings from the sale of loans. Glenfed said it is trying to reduce its reliance on earnings from such loan sales.

Glenfed said its total assets grew 2% to $25.1 billion as of Sept. 30 from $24.7 billion a year ago.