Record Net Expected At St. Paul Bancorp
CHICAGO - St. Paul Bancorp said it expects to report record earnings for 1991 in the range of $2 to $2.10 a share.
The parent of St. Paul Federal Bank for Savings in Chicago said this anticipated result is based on its weighted-average, interest rate spread being at the highest level in its history. Lower interest rates, effective asset and liability management, and expense controls are all having a positive effect, the company said.
St. Paul, which has $3.6 billion in assets, lost $4 million, or 33 cents a share, in 1990 and $5.2 million, or 44 cents a share, in the 1990 fourth quarter.
For the first nine months of 1991, Chicago's second-largest thrift company earned $17.3 million, or $1.44 a share. In the third quarter, it earned $4.2 million, or 35 cents a share.