Radian Group reported that its second-quarter net income rose to $140.2 million, up 16.4 percent from second-quarter 2004 when its income was $120.5 million.

The net income per share for the second quarter was $1.56, up 26.8 percent from $1.23 reported a year ago.

The company had second-quarter revenues of $310.3 million, down nearly 4 percent from the $322.8 million the same time a year ago.

“We are pleased to report the second-highest quarterly net income in the company’s history,” said Radian’s Chief Executive Officer S.A. Ibrahim. “That is a reflection of the successful execution of a diversification strategy that has served us well during cyclical business environments. Also, our ability to maintain credit discipline and our innovative approach to business opportunities have enabled us to build a strong foundation for continued shareholder value creation.”

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.

Radian stock (NYSE: RDN) was trading at $50.67 a share this morning.

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