WASHINGTON (dpa-AFX) - TFS Financial Corp. (TFSL), the holding company for Third Federal Savings and Loan Association of Cleveland, Wednesday reported a rise in first-quarter net income to $11.2 million or $0.04 per share, from $8.5 million or $0.02 per share in the same period last year.
The company's attributed the increase in earnings to improved net interest income and a net gain on the sale of loans for the quarter.
Net interest income for the quarter increased to $68.4 million from $64.2 million in the prior-year quarter. Total non-interest income for the quarter was $8.2 million, up from $5.7 million reported in the first quarter of last year.
Meanwhile, provision for loan losses increased to $18 million from $15 million in the year-ago quarter.
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