First Interstate Earnings Up Sharply

First Interstate Bancorp reported a 44 percent jump in fourth-quarter profits Monday, an advance that reflects an improved California economy and the banking industry’s overall improvement from strong loan growth.

The Los Angeles-based banking company earned $211.3 million, or $2.65 million a share, in the fourth quarter, compared to $146.1 million, or $1.78, during the 1993 fourth quarter.

The results exceeded analyst estimates of $2.53 cents a share.

First Interstate said the economic recovery in California helped spur loan demand, which increased income from interest charges.

For all of 1994, the bank earned $733.5 million, or $8.71 a share, compared to $736.7 million, or $8.96 a share in 1993.