BANKING & FINANCE - July 26, 1994
From Times Staff and Wire Reports
CalFed Reports Surprising Profit: California Federal Bank said it had second-quarter income of $6.6 million, or 9 cents a share, contrasted with a year-earlier loss of $45.5 million, or $1.83 a share. Many Wall Street analysts had expected the Los Angeles-based thrift to post a loss. CalFed credited the improvement to aggressive efforts to sell its bad loans and foreclosed real estate, and to a sharp drop in its provisions for loan losses.
