Profits Climb At Countrywide
CALABASAS, Calif. - (10/28/05) -- Countrywide Financial Corp., thenation's largest mortgage bank, said third quarter earnings rose27% to $634 million, or $1.03 a share, compared to the same periodlast year, as the mortgage boom continued. Pre-tax earnings on thecompany's core mortgage banking unit surged 42% to $703 million,while pre-tax earnings on the banking operations soared by 71% to$278 million. Total loan production for the quarter was $147billion, up 60% from the third quarter last year. The servicingportfolio, the world's largest, rose 33% since the end of the thirdquarter last year to $1.05 trillion. For the first three quartersCountrywide reported a 3% increase in earnings to $1.9 billion, or$3.07 a share, compared to the first nine months lastyear.