Profits Are Surging At E-Loan

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Online lender E-LOAN Inc. said net income soared to $8.1 million, or 12 cents a share for its second quarter, compared to $900,000 or two cents a share, for the same period last year, on the strength of a big boost in lending.

The company said revenue more than doubled in the period to $45.9 million, up from $21 million in last year's second quarter, as mortgage funding more than doubled in the period to $1.2 billion. For the first six months of the year revenues almost doubled to $81.9 million, while net earnings were $14.4 million, or 22 cents a share, five times the $2.5 million, or four cents a share, the company reported for the first half last year.

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