Industry News

Strong real estate loans push up IndyMac profit

Fourth-quarter earnings grow 29% from a year ago

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Stronger mortgage production at IndyMac Bancorp Inc. in the fourth quarter pushed profit up 29 percent, the company said today. Profit rose to $72.3 million, or $1.09 per share, from $56 million, or 87 cents, the company said. The quarter included a 9-cent-per-share charge for an accounting change related to mortgage servicing rights. Excluding the charge, IndyMac reported profit of $1.18 per share. Revenue increased 21 percent to $281 million. A group of analysts polled by Thomson Financial had predicted profit of $1.15 per share on revenue of $280.2 million. IndyMac reported that it earned $300.2 million for the year, or $4.54 per share, compared with $211.3 million or $3.40 per share, for the full year 2004. Looking ahead, the bank expects 2006 profit at $4.50 to $5.20 per share, including stock options. Analysts had forecast $4.83 a share. The company's shares were trading at $39.13 in afternoon trading on the New York Stock Exchange. *** Send tips or a Letter to the Editor to j...