Great Western Financial Corp. said a rise...
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Great Western Financial Corp. said a rise in foreclosed real estate contributed to a 14% drop in second-quarter profit.
Great Western reported earnings of $69 million, or 50 cents a share, compared to $80 million, or 60 cents, in the second quarter of 1991.
Weak economic conditions have meant more foreclosed property and a continued decline in commercial real estate values, said James F. Montgomery, the company’s chairman and chief executive.
Interest income, however, rose to $354 million in the second quarter, up from $324 million in last year’s quarter.
“Despite the difficult business climate, the company’s earnings benefited from strong net interest margins and net interest income,” Montgomery said.
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