PASADENA, Calif. - Countrywide Credit Industries, the largest U.S. independent mortgage bank, said it earned $29 million in the quarter ended May 31, up 219% from the level a year earlier.

The surge reflected a 261% jump in loan originations, to $6.5 billion for the quarter. Refinancings accounted for 72% of that volume, the company said. The Pasadena-based company said its mortgage-servicing portfolio nearly doubled in the 12 months through May 31, to $33.4 billion.

Countrywide's shares were trading at $32.25 Wednesday afternoon, up 75 cents from Tuesday's close.

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