Downey Savings Has $23.5-Million Annual Profit

Downey Savings and Loan Assn., a Newport Beach savings and loan, reported that its profit for 1994 totaled $23.5 million, or $1.46 a share. That compared to earnings of $43.7 million, or $2.70 a share, for 1993, which included a gain of $15.1 million from an accounting change. Fourth-quarter profit rose 33% to $5.6 million, or 35 cents a share, from $4.2 million, or 26 cents a share, for the same period a year earlier. Total assets as of Dec. 31 were $4.7 billion, up 34% from $3.5 billion on the same date in 1993.