RTC's Thrifts Lost $1.8 Billion in 1st Quarter
WASHINGTON -- The 204 thrifts operating under government control lost $1.8 billion in the first three months of 1991, the Resolution Trust Corp. reported.
Asset writedowns accounted for $1.1 billion of the loss. The remaining $726 million was in operating losses, or the amount by which interest and other expenses exceeded income. The thrifts' losses fell from the fourth quarter of 1990, when the same institutions booked losses of $2.7 billion.
The Office of Thrift Supervision reported earlier that the 2,283 thrifts in private hands earned $627 million in the first quarter. The losses by RTC-controlled thrifts brought total industry losses to $1.2 billion, significantly better than the $3.4 billion loss in the last three months of 1990.