Third quarter thrift earnings up

Northwestern Financial Review, Dec 15-Dec 31, 2002

[national summary]

Earnings at federally chartered thrifts in the third quarter jumped 5 percent from the second quarter, to $2.97 billion, the second-most profitable quarter ever for the industry, the Office of Thrift Supervision announced. Return on average assets increased 4 basis points to 1.22 percent. "The industry is as healthy and profitable as it has ever been thanks in part to a favorable interest rate environment and sound business management," OTS Director James Gilleran said. The number of thrifts declined by 12 to 983 during the third quarter, but industry assets rose to $987 billion.