Interest Rate Spread Leads Great Western Profit Surge
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Great Western Financial Corp. reported a 57% increase in its second quarter earnings, to $79.3 million.
A year earlier, the Chatsworth-based savings and loan had a profit of $50.4 million.
In the six months ended June 30, Great Western earned $150.6 million, up 60% from $93.9 million in net income a year before.
The thrift attributed the earnings gains to wider margins. It has benefited from a growing interest rate spread, which is the difference between what it pays for deposits and what it earns from making loans.
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