EARNINGS : S&L; Quarterly Profits Up by More Than 50%

WASHINGTON —  The nation’s savings and loan industry more than doubled its profit in the first three months of this year to about $1.5 billion, the best performance in six years, the government said Tuesday.

The net income for the 2,064 institutions that have not been taken over by the government was the best since the first quarter of 1986 and compares to $610 million in earnings in the first quarter of 1991, the Office of Thrift Supervision said.

It was the fifth straight quarterly profit, the office said, with more than 90% of the institutions reporting earnings.

The two key reasons for the improvement, according to the office, is the government seizure of 700 insolvent S&Ls; over the last three years and the most favorable interest rate conditions for financial institutions since the 1970s.

However, the office sharply revised the industry’s earnings for all of last year to $1.8 billion, down from an earlier estimate of $2 billion.

The office was scheduled to release the full report for the first quarter today, but provided a preview with approximate numbers Tuesday.

Private analysts said the agency, an arm of the Treasury Department, appeared to be releasing its report piecemeal in an attempt to put a favorable gloss on it.