Foothill Group’s Profits for 4th Quarter Surge 34%

The Foothill Group, a financial services firm with headquarters in Agoura Hills and Los Angeles, said its fourth-quarter profit surged 34% to $3.53 million, from $2.64 million a year earlier. The profit came despite a loss of $1.24 million from its thrift subsidiary, which Foothill spun off to its shareholders in December.

For all of 1993, the Foothill Group’s profit climbed 55% to $18.7 million, from $12.1 million for 1992. Foothill attributed the better results to improvements in interest margins, growth of its asset-based loan portfolio and robust money management activities. Foothill said that at the end of 1993, it had total assets owned or under management of more than $1.1 billion.