Glendale Federal Bank Reports Profit Increase
Glendale Federal Bank, continuing its financial recovery after narrowly avoiding government seizure two years ago, reported that its profit rose 47% in its fiscal first quarter.
The Glendale-based savings institution said it earned $13.8 million in the three months ended Sept. 30, compared to $9.97 million in net income a year before.
Glendale Federal attributed the improvement to lower credit-related costs and administrative expenses.
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