Strong Loan Demand Lifts Foothill Group Profits 63%
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Foothill Group, a financial services concern, said its first-quarter profit jumped 63% from a year earlier on an 18% revenue gain.
The company, which maintains headquarters in both Agoura Hills and Los Angeles, said net income in the quarter ended March 31 climbed to $3 million, or 33 cents a share, from $1.84 million, or 20 cents a share, a year earlier. Revenue totaled $21.4 million, up from $18.1 million.
Foothill attributed the gains to strong demand for loans from its Foothill Capital Corp. and Foothill Thrift & Loan subsidiaries. Foothill’s cost cutting and diversification into certain areas of corporate finance also bolstered profits, the company said.
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