Thrift industry earnings soared in the first quarter to $2.1 billion despite a marked slowdown in mortgage lending, the Office of Thrift Supervision reported Wednesday.

Profits at the 1,129 thrifts supervised by the agency were 50% greater than in the fourth quarter-when bottom lines suffered large hits from merger expenses-and nearly 11% greater than in the first quarter of 1998.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.