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.

Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

Next in News ►