Golden West Financial, the Oakland-based parent of...
Golden West Financial, the Oakland-based parent of World Savings & Loan, reported its third-quarter profit rose 15% to $70 million, or $1.10 a share.
The thrift, consistently one of the nation’s most profitable, attributed the results to its growing mortgage portfolio and a wider spread between what it pays for deposits and what it earns on loans.
Despite the slow state economy, Golden West reported new mortgage originations in the quarter rose 11% from the same period of 1991, and that home refinancings were especially strong. Golden West’s ratio of non-performing assets to its total assets was a low 1.28%.
Deposits, however, declined to $16.3 billion as of Sept. 30, down from $16.8 billion a year earlier. Golden West attributed the decline to low interest rates.
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