Prudential Financial Services Corp., parent company of Prudential Federal Savings and Loan Association, reported net income of $786,000 for the quarter ended March 31 compared with $1.20 million for the like 1987 period.

Net interest income, which measures the spread between investment yields and cost of funds, was $2.15 million in the first quarter compared with $2.67 million for the first three months of 1987.The company said the lower earnings in the last quarter relate primarily to the higher interest rates payable in 1988, the increased provision for loan and lease losses in 1988 and reduced gains on sales of loans and investments in 1988.

Stockholders equity in the corporation is now $52.97 million, or $20.77 per share. The company said its tangible net worth is significantly greater than that required under the regulations of the FSLIC which insures the savings accounts of Prudential.