Coast Savings & Loan Net Hits $13 Million in Quarter
Profits at Coast Savings & Loan, the last big California savings and loan to go public, more than quadrupled to $13.4 million in the second quarter, the Los Angeles-based company reported.
Earnings for the six months reached $25.9 million, compared to the $5.7 million earned in the first six months of 1985, Coast said. Assets grew to $8.2 billion at the end of June, up 28% over year-earlier levels.
The improved financial results largely reflect Coast’s record loan volume of $680 million in the quarter, the S&L; said.
“This record loan volume and resulting increase in earning assets have contributed significantly to the higher second-quarter earnings,†company Chief Executive Ray Martin said in a statement.
Coast sold shares to the public for the first time at the end of last year.
For detailed data and results of other companies, please see tables, Page 5.
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