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Golden State Bancorp Posts 17% Rise in Quarterly Profit

California

October 17, 2001|A Times Staff Writer

Golden State Bancorp Inc., the second-largest U.S. savings and loan, said third-quarter profit rose 17% as the company benefited from lower short-term interest rates and earned more in fees on customer transactions.

Net income rose to $103.3 million, or 72 cents a share, from $88.5 million, or 62 cents, a year earlier, the company said Tuesday.

That beat the 71-cent average estimate of analysts surveyed by Thomson Financial/First Call.

San Francisco-based Golden State is the parent of California Federal Bank.

The company has about $60 billion in assets and 356 branches in California and Nevada.

Golden State said quarterly net interest income jumped 25% from a year earlier, to $356.5 million, as deposit rates fell faster than mortgage rates.

Customer banking fees and service charges brought in $55.2 million in the quarter, up 14% from a year earlier.

Golden State said the quality of its loans "remained stable" in the quarter despite the weaker economy.

The company charged off $5 million in loans in the quarter, down from $6 million a year earlier.

Nonperforming loans as of Sept. 30 totaled $131 million.

Golden State's shares eased 49 cents to $26.69 on the New York Stock Exchange.

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