WaMu Reports Record 2Q Earnings

Washington Mutual Inc., Seattle, has reported record earnings of $1.02 billion ($1.10 per share) for the second quarter, up from $990 million ($1.01 per share) a year earlier.Originations of single-family residential loans totaled $108.16 billion for the quarter, up from $50.17 billion a year earlier. The volume of home equity loans, home equity lines of credit, and multifamily loans totaled $9.46 billion, up 80% from $5.27 billion a year earlier, WaMu said. The company said it is on schedule to open approximately 250 retail banking stores and 70 home loan stores this year. WaMu also reported that its board of directors has declared a dividend of $0.40 per share of common stock, up 33% from $0.30 per share in the previous quarter. WaMu can be found online at http://www.wamu.com.