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VALLEY EARNINGS

Valley Federal Reports 14% Gain in 3rd-Quarter Profit

October 27, 1987

Valley Federal Savings & Loan, citing higher fee income from making new loans, reported a 14% gain in third-quarter profit compared to a year earlier.

Van Nuys-based Valley Federal, the largest savings and loan association by assets in the San Fernando Valley, said net income for the quarter ended Sept. 30 climbed to $5 million, or 82 cents a share, from $4.4 million, or 72 cents a share, a year earlier.

The results, which were adjusted to reflect a 2-for-1 stock split in April, included a quarterly record $659 million of new loans, Valley Federal said.

For the first nine months of 1987, Valley Federal's profit rose 16% to $14 million, or $2.28 a share, from $12.1 million, or $1.95 a share, a year earlier. Valley Federal's assets as of Sept. 30 totaled $3.1 billion.

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