BANKING

Profit Up at GlenFed: Administrative cost cutting and improving loan quality overcame a drop in interest and fee income, as Glendale Federal Bank reported profit of $13.8 million, or 21 cents a share share, for its fiscal first quarter ended Sept. 30, compared to $9.4 million, or 12 cents a share, a year ago. The decline in fee and interest income was due to the sale this year of the bank’s operations in Florida and Washington state. Stephen J. Trafton, chairman and chief executive of the savings and loan, said he was encouraged by the increase in the net interest margin, or the spread between the rates the S&L; earns on loans and pays out on deposits.