Earnings Jump for Subsidiary of Western Financial

WFS Financial Inc., an Irvine automobile finance subsidiary of Western Financial Savings Bank, reported net income of $6.9 million, or 37 cents a share, for the second quarter, a 50% increase from the $4.6 million posted a year ago. Quarterly revenue rose 43% to $31.5 million from $22 million. For the first six months, the subsidiary earned $12.5 million, or 67 cents a share, for the first half, a 12% increase from $11.2 million for last year’s first six months. First-half revenue gained 21% to $58.2 million from $48 million. WFS went public Aug. 8, selling 4.6 million shares of common stock. The savings and loan retained an 80.3% interest.