Mortgage insurance provider Radian Group said on Wednesday its first-quarter profit surged 42 percent, driven by growth in the company’s mortgage insurance and financial guaranty businesses.

Income for the quarter was $163.7 million, or $1.96 per share, up from $115.6 million, or $1.24 per share, a year ago. Revenue for the quarter rose 15 percent to $353.7 million from $306.6 million last year.

“The first quarter was successful for us in several respects,” said S.A. Ibrahim, the company’s CEO, in a statement. “In reaching a record $163.7 million, our net income reflected important positive trends both in mortgage insurance and financial guaranty, our two main businesses…We continue to leverage our financial guaranty expertise within our mortgage insurance business to benefit customers that are looking for (mortgage insurance) as well as alternative credit risk solutions. This effort will allow us to more effectively manage and distribute our own credit risk exposure.”

In January, the company reported that its fourth-quarter net income dropped to $104.5 million, down 33 percent from fourth-quarter 2004 when its income was $156 million.

Philadelphia-based Radian is a credit enhancement provider to the global financial and capital markets. Radian’s subsidiaries provide products and services through three business lines: financial guaranty, mortgage insurance and other financial services.

Shares of Radian closed up 41 cents at $61.37 in Wednesday’s trading on the New York Stock Exchange.

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