Countrywide Financial Corp. today reported consolidated first quarter net earnings of $691 million, a 112 percent increase over net earnings in the first quarter of 2003.


Earnings per diluted share increased 82 percent over the same quarter last year to $2.22.


Total loan production volume was $76 billion for the quarter, lower than the volume of $102 billion for the first quarter of 2003. The servicing portfolio rose to a record $683 billion.


Countrywide’s mortgage banking segment, which includes production, servicing and loan closing services, contributed 71 percent of consolidated pre-tax earnings for the first quarter. Mortgage banking earnings increased 126 percent from the first quarter of 2003.


“In the mortgage banking segment, principal success factors included continued high funding volume, effective servicing hedge management and managed inventory sales,” Angelo Mozilo, CEO, said in a statement.


The results reflect a 3-for-2 stock split completed April 13.


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