U.S. Thrift Earnings Rise in 1st Quarter

The U.S. thrift industry earned $1.7 billion in the first quarter of 1997, the Office of Thrift Supervision said. Earnings were up from $1.5 billion in the fourth quarter of 1996 and down slightly from the $1.8 billion earned in the year-ago period. Thrifts recorded strong earnings in the first quarter because of “continued strength and net interest margin, higher fee income and tight control of overhead expenses,” the agency said. Meanwhile, the number of problem institutions increased to 30 in the first quarter, from 29 at the end of 1996. Delinquent loans and other troubled assets rose to $8.8 billion from $8.7 billion. But troubled assets fell from the $9.4 billion recorded a year ago.