Western Financial on target for 2003

Broker consolidator Western Financial Group (TSX: WES) says that losses from its bank start-up have been lees than budgeted for, and the company is on target to achieve its projected $1.6-$2 million net income for 2003.For the second quarter ending June 30, 2003, the company reported revenue of $9.2 million and net income of $834,057, or $0.06 per share. This compares with revenue of $7.6 million and net income of $477,662, or $0.03 per share, for the second quarter 2002.For the first six months of 2003, revenue grew to $16.1 million and net income was up to $1.0 million, or $0.05 per share. This compares with revenue of $13.5 million and net income of $904,397, or $0.06 per share, for the first half of 2002.The company notes that its new Bank West operation is on target to hold a loan portfolio of $10 million by the end of August, 2003. Operating loss on the start-up has been less than budgeted for.