Thrifts set earnings record

Northwestern Financial Review, Mar 15-Mar 31, 2003

The thrift industry had back-to-back record-setting earnings years, the Office of Thrift Supervision has reported. "Last year was the best year in thrift industry history," said OTS Director James E. Gilleran, "with earnings reaching $11.8 billion in 2002, following record earnings of $10.2 billion in 2001." Fourth quarter earnings of $3 billion were the second-best ever reported after the $3.1 billion record set in the year's first quarter.

Average annual return on assets broke a 56-year record of 1.20 percent in 1946 by reaching 1.21 percent in 2002. ROA for the fourth quarter was 1.20 percent. Thrift assets topped $1 trillion in 2002, up from $978 billion a year ago. The last time thrift industry assets surpassed $1 trillion was in 1990.