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EARNINGS

January 26, 1988

Great Western Financial Corp.'s 1987 net earnings fell to $210 million, down 27%. The Beverly Hills-based parent of Great Western Savings attributed the drop to a series of nonrecurring events, including the writeoff of the firm's $49.1-million investment in the Federal Savings and Loan Insurance Corp. secondary reserve that was discontinued last year after the federal insurance fund was declared insolvent, a one-time higher federal tax bill, an after-tax loss on the sale of Great Western's insurance and leasing subsidiaries and a $30-million increase in loan-loss provisions. The company noted that net interest income, loan volume and customer account growth increased from the previous year, making 1987 the second most profitable year in Great Western's history.

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