Western Financial Group today reported improved operating and financial results for the nine months ended September 30.

For the nine months, revenue increased 35.0% to $80.8 million from $59.8 million compared to the same period in 2006 and net income increased 79.2%.

Basic earnings per share amounted to 19¢ per share, up from 16¢ in the same period in 2006.

“We continue to enjoy robust growth as we move toward achieving our financial and operational objectives for the year,” said Scott Tannas, president and CEO.

Revenue at WFG Agency Network showed a 44.7% increase, through new acquisitions and from strong gains in same store sales, which rose 7.1%.

In the third quarter, Bank West grew its loan book by $21.5 million to $199.6 million at September 30. Specific loan losses for the quarter were higher than previous quarters, but remain lower than budgeted for the nine month period.

The bank’s loan book will grow significantly over the coming quarter, with the completion of the Ubiquity Bank acquisition on October 1, and through new loan
growth.

Western Life continues to show strength in premium income and in operating income with a growth of 18.8% and 22%, respectively. WFG says the decrease in investment income is a result of adopting the new accounting standards for financial instruments.

With the increase in interest rates in 2007 Western Life saw a market drop in bonds resulting in a decrease in investment income, offset by a decrease in actuarial expense.