UnionBanCal profit falls 27%
From Times Wire Services
UnionBanCal Corp., the parent of Union Bank of California, said earnings fell about 27% in the first quarter as it set aside more funds for potential losses from a slump in the residential housing market.
UnionBanCal said earnings were $108.6 million, or 79 cents a share, down from $149.6 million, or $1.07 a share, a year earlier.
UnionBanCal’s total provision for credit losses in the quarter was $80 million, an increase of $20 million compared with the fourth quarter, driven by the need to add to reserves for its home builder segment.
