Business Services Industry
Thrift Institutions Get Real with High-Risk Lending.
Knight Ridder/Tribune Business News, June, 2003
By Tania Padgett, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Jun. 10--Two years ago, the revenues and profits of savings and loans were flying high.
But the wings of some thrifts soon may be clipped as the economy languishes and interest rates -- which can't go too much lower -- eventually rise.
"The chickens are coming home to roost," said James Ackor, senior analyst at RBC Capital Market in Portland, Maine. "The days when thrifts could make money so easily are coming to an end."
Nationwide, thrift profits rose 15.6 percent to $11.8 billion in 2002 and assets rose 22 percent to a record $1 trillion, according to the Office of Thrift Supervision. The last time thrift industry assets surpassed $1 trillion was...
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