Downey Financial Reports Solid Gains in Net, Revenue

Downey Financial Corp., Newport Beach-based parent company of Downey Savings & Loan Assn., reported fourth-quarter net income of $19.8 million, or 70 cents a share, up 56% from $12.7 million, or 45 cents a share, for the 1998 fourth quarter. Quarterly revenue rose 46% to $179.7 million from $122.7 million in the previous year’s quarter.

Net income for the year reached a record $63.8 million, or $2.26 a share, 10% higher than the $58 million, or $2.05 a share, posted for the previous year. Annual revenue grew 22% to $593 million from the previous year’s $487.8 million.

Downey’s total assets at the end of December stood at $9.4 billion, a 49% increase over the year-earlier figure of $6.3 billion.