Foothill Group’s Profit Surges to $11.4 Million

The Foothill Group Inc., a financial services firm with headquarters in Agoura Hills and Los Angeles, said its first-quarter profit more than tripled, to $11.4 million from $3 million a year earlier.

The company said the results reflected strong money management activities, favorable interest margins and improved credit quality of its asset-based loan portfolio.

The company reported $4.72 million in gains from the sale of bank loans in the first quarter, up from $1.13 million a year earlier, while gains on investments surged to $10.1 million, from $179,000 a year earlier.

Foothill Group’s assets totaled $580.1 million on March 31, down 4% from $606.5 million a year earlier.