GlenFed Posts $23 Million Profit in 2nd Fiscal Quarter
- Share via
Glendale Federal Bank, a Glendale thrift, said its profit for the second fiscal quarter ended Dec. 31 was $23.2 million, compared to a second-quarter loss the previous year of $10.7 million due to the sale of its headquarters and a bundle of loans at a loss.
The return on average assets for the second quarter was 0.61%.
For the first six months of fiscal 1996, the bank’s profit was $3.24 million, up 3% from $3.16 million the previous year.
Total assets for the period ending Dec. 31 were $15.1 billion.
GlenFed attributed the results to aggressive marketing to lure customers from other banks and to an improved loan portfolio.
Nonperforming assets dropped to 1.49% of total assets in the second quarter from 1.96% the year before.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
