Western Financial Group today reported a 40.6 % jump in earnings for the second quarter ended June 30.

The company said earnings for the quarter were $1.17 million, or 5¢ a share, compared with $834,000, or 6¢ per share, a year ago.

Revenues for the quarter were $10.7 million, up 16.3%, from $9.2 million in the second quarter of 2003.

Revenue for the WFG Agency Network increased 16.0% to $9,705,633 for the three months. The company said all key business drivers are positive, resulting in the Agency Network being slightly ahead of plan.

WFG said Bank West continues its steady march toward profitability and is on target to meet its objectives for the year. Revenue for the bank increased 80.9% to $185,533 for the quarter. The bank’s assets increased 19.3% for the three months ended June 2004, due to the increase in its loan portfolio, increased premium financing, and an enhanced product mix.

“The first half of 2004 has been an exceptionally busy and rewarding period for Western Financial Group,” said Scott Tannas president and CEO of WFG, in a news release.” We are very pleased with the progress we are making and expect to continue this very positive trend.”

WFG provides more than 180,000 customers with insurance, investment and banking services through its WFG Agency Network, Bank West and The Western Mutual Fund Co.