Washington Mutual Reports Drop in Profit
- Share via
Washington Mutual Inc., the biggest U.S. savings and loan, said fourth-quarter profit fell for a third consecutive quarter as rising interest rates crimped demand for home loans.
Net income fell to $668 million, or 76 cents a share, from $842 million, or 93 cents, a year earlier, the Seattle-based company said.
Analysts had expected Washington Mutual to report a fourth-quarter profit of $673.3 million, or 76 cents a share.
Net interest income, or what Washington Mutual earned from loans, rose 6% to $1.85 billion from a year earlier. Fee income fell 3% to $1.22 billion. Total loan volume fell 10% to $63.22 billion.
Washington Mutual shares fell 1 cent to $41.60 on the New York Stock Exchange. Earnings were released after regular trading.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
