Industry News

Radian profit grows 42%

Mortgage insurance provider reports $163.7 million net income

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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, ...