SAN FRANCISCO -- First Nationwide Financial Corp. said it lost $34 million in the third quarter and $75 million for the first nine months of 1992, up from losses of $20 million and $48 million in the comparable 1991 periods.
The thrift affiliate of Ford Motor Co. said credit losses and nonperforming assets remain at higher than normal levels.
Nonperformers at First Nationwide Bank of San Francisco fell by $63 million during the third quarter to $1.3 billion, about even with a year earlier. The provision for credit losses totaled $64 million in the third quarter, down from $77 million a year before, while operating costs fell 11% to $108 million.
The thrift company's assets shrunk by $5.1 billion, or 20%, over the 12 months ended Sept. 30, to $19.9 billion.