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.
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