Wilshire Reports Higher Net
Wilshire Financial Services Group reported net income after taxes of $1.4 million in the second quarter, or $0.08 per basic share, up from $300,000, or $0.02 per basic share, in the same period last year.
The increase in net income for the second quarter of 2003 over the second quarter of 2002 was primarily due to a $1.9 million increase in consolidated net servicing income, reflecting the continuing growth of the company's loan servicing operations.
Wilshire Credit Corp., the company's loan servicing subsidiary, earned net servicing income of $15.8 million during the first six months of this year.
As of June 30, WCC serviced $5.1 billion of loans, up from $4.1 billion at the end of last year.
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