Perpetual American Bank has reported net income of $3.3 million (51 cents a share) for the three months ended April 30, compared with $182,000 in the same period last year.
For the first six months of its fiscal year, the Alexandria-based financial institution reported net income of $8.5 million ($1.28), compared with a net loss of $4 million for the same period a year ago.
"We began fiscal year 1985 with a dramatic turnaround, and have continued our momentum with second-quarter earnings of $3.3 million," said Chairman and Chief Executive Officer Thomas J. Owen. "This strong first half has moved Perpetual American into a decisively profitable position, confirming the soundness of our corporate strategy."
On April 30, the bank's assets reached $3.9 billion, a 22.5 percent increase from a year earlier. B. F. Saul Real Estate Investment Trust reported a net loss of $2.8 million (50 cents) for the three months ended March 31, compared with a loss of $2 million (34 cents) in the same quarter of last year.
For the six months ended March 31, the trust had a loss of $1.1 million (20 cents), compared with a loss of $2.2 million (37 cents) in the same period a year earlier.
The trust, based in Chevy Chase, blamed the results on increased interest expenses and lower profits from condominium sales.
Revenue for the quarter increased to $16.5 million from $14.3 million in the same period of 1984. Revenue for the six-month period rose to $34 million from $32 million.