Glendale Federal Bank Reports Profit Increase

Glendale Federal Bank, continuing its financial recovery after narrowly avoiding government seizure two years ago, reported that its profit rose 47% in its fiscal first quarter.

The Glendale-based savings institution said it earned $13.8 million in the three months ended Sept. 30, compared to $9.97 million in net income a year before.

Glendale Federal attributed the improvement to lower credit-related costs and administrative expenses.