Countrywide Reports Soaring Profits

Countrywide Financial Corp., Calabasas, Calif., has reported consolidated net earnings of $2.37 billion ($12.47 per share) for 2003, up 182% from $841.8 million ($4.87 per share) in 2002.For the fourth quarter, earnings totaled $563.7 million ($2.74 per share), up 121% from $254.9 million ($1.45 per share) a year earlier. The results reflect a 4-for-3 stock split that took effect in December, Countrywide said. In the mortgage banking segment, loan volume totaled $434.86 billion for the year, up 73%, but fourth-quarter volume of $76.32 billion was down 25% from that of a year earlier, the company reported. "Most noteworthy was the 33% year-over-year fourth-quarter increase in purchase volume, which helped to mitigate the decline in refinance volume," said Angelo R. Mozilo, Countrywide's chairman and chief executive officer. "In addition, demand for less interest-rate-sensitive products continued to be robust, with fourth-quarter year-over-year production volume increasing 145% for adjustable-rate mortgages, 54% for home equity loans, and 109% for subprime fundings." Countrywide said its servicing portfolio stood at $645 billion at the end of the year, more than double its $285 billion level at the beginning of the refi boom in December 2000. The company can be found online at http://www.countrywide.com.