Originally published April 17, 2007 at 12:00 AM | Page modified April 17, 2007 at 7:02 PM
Washington Mutual earnings fall 20% on home-loan slump
Washington Mutual said today its first-quarter profits slid 20 percent amid a nationwide implosion of the subprime home loan market. The Seattle-based company, the...
SEATTLE — Washington Mutual said today its first-quarter profits slid 20 percent amid a nationwide implosion of the subprime home loan market.
The Seattle-based company, the nation's largest savings and loan, said its net income was $784 million, or 86 cents a share, for the three months ended March 31, down from $985 million, or 98 cents per share, in the same period a year ago.
Revenue in the January-March period, including net interest income and noninterest income, was $3.62, up from $3.59 billion in the same period last year.
Analysts polled by Thomson Financial were predicting earnings of 83 cents on $3.6 billion in revenue.
Kerry Killinger, Washington Mutual's chairman and chief executive, said the company's retail banking, card services and commercial groups fared well, while the home loan market — particularly the subprime segment for consumers with high-risk credit histories — remained a serious challenge.
"Over the past 12 months, we have taken a number of prudent actions to reduce our exposure to the subprime mortgage industry," Killinger said in a statement. "These actions, along with a diversified business mix, limited our exposure to the mortgage market's downturn and position us well to expand and grow as market conditions improve."
Copyright © 2007 The Seattle Times Company
Bill Clinton meets with Senate Dems on health care
Credit-card holders to pay the price for banks' struggles
Kraft's offer for sweets giant Cadbury turns bitter after rejection
Fewer fliers expected over holidays
Big bonuses coming at 3 big banks

Ken Auletta talks about "Googled"
Ken Auletta talks about Google with Brier Dudley at the Seattle Central Library.
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
How to tell your office you're gravely ill
Post a comment
nwautos

Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
- 'Missing' SeaTac man found with new name, in new state
- Police: DNA from officer's slaying matches suspect
- Prosecutors consider charges against suspect in police shooting
- Three more fires ignite in Greenwood
- Steve Kelley | Hasselbeck gives Seahawks' sagging season a stay of execution
- Plans call for Triangle to become West Seattle gateway
- Bill Clinton meets with Senate Dems on health care
- Trucker dies as big-rig plummets off SF bridge
- McGinn next Seattle mayor; Mallahan concedes as vote gap widens
- Washington coordinator Nick Holt says his Huskies defense is improving
- Prosecutors prepare charges against suspect in police shooting
258 - House health bill unacceptable to many in Senate
246 - Pelosi tours Seattle's Swedish after health-care vote
171 - Prosecutors prepare charges against suspect in police shooting
143 - Alleged shooter tied to mosque of 9/11 hijackers
135 - Obama puts heat on Senate to speed health bill
123 - Resolute Fort Hood soldiers ready for return
119 - McGinn more than doubles his lead over Mallahan
100 - Cutaia says replay handled properly on Austin TD
69 - Josh Smith picks UCLA
69
- For 80-year-old Maple Valley man, hoops aren't just a dream
- Plans call for Triangle to become West Seattle gateway
- Three more fires ignite in Greenwood
- 'Missing' SeaTac man found with new name, in new state
- Pakistani-American cafe, bar owner on verge of being Granite Falls mayor
- Silver Lake restaurant destroyed by fire
- Taste | Ruth Reichl still reigns as queen of America's culinary scene
- All You Can Eat | Fruit flies: thrill to the kill
- House Speaker Nancy Pelosi tours Seattle's Swedish after health-care vote
- Police: DNA from officer's slaying matches suspect





