Western Financial Group announced today its operating and financial results for the three months ended March 31.

For the quarter, revenue increased 38% to $24.6 million from $17.8 million a year ago.

Net income for the quarter increased 122.3% to $2.5 million, up from $1.1 million a year ago.

Basic earnings per share was 6¢, up from 4¢ in the year ago period.

“We have a strong start for 2007,” said Scott Tannas, President and CEO. “All three business units have hit their stride and performed well, with the result that each has posted healthy growth in revenue and profit compared to the same period last year”.

The WFG Agency Network’s revenue showed a 46% increase, through new acquisitions and from significant gains in same store sales, up 7.6%.

Bank West posted a record quarterly profit, along with modest growth in its loan book, which stands at $154.1 million at March 31. Specific loan losses for the quarter were exceptionally low. The loan approval pipeline for the second quarter is at an all time high, and Bank West expects to grow the loan book significantly over the coming quarter.

Western Life Assurance’s revenue continues to grow with a healthy 18.6% increase and profits have risen significantly by 109%.

Western Financial Group’s portfolio of equity partner investments performed well with Jennings Capital showing continued strong performance. Both Falkins Insurance and Harvard Western Ventures showed increased income over the previous year.