Westcorp Posts Gains of 78% for Year, 67% for 4th Quarter

Westcorp posted strong gains in profit for the year and fourth quarter.

The Irvine financial services holding company, whose principal subsidiaries are Western Financial Savings Bank and WFS Financial Inc., said net income last year rose 78% to $33.4 million, or $1.35 a share, from $18.8 million, or 77 cents a share, for 1994. Fourth-quarter profit rose 67% to $9.7 million, or 39 cents a share, from $5.8 million, or 24 cents a share, in the same period last year.

Total assets as of Dec. 31, 1995, were $3.2 billion, 19% higher than the $2.7 billion recorded a year earlier.