BANKING & FINANCE - May 12, 1993
From Times Staff and Wire Reports
Glenfed Narrows Losses: The struggling parent of Glendale Federal Bank said it lost $50.4 million before special items in its fiscal third quarter ended March 31, compared to a year-earlier operating loss of $190.7 million. Including one-time gains from a recent debt-for-equity swap and tax benefits in both periods, Glenfed had a profit in the latest quarter of $45.2 million, against a net loss of $146.6 million a year earlier. But in a troubling sign for Glenfed, which is trying to avoid government seizure later this year, the giant thrift’s non-performing assets edged up to 4.93% of its total assets from 4.46% a year earlier.
