On July 18, Washington Mutual
- Robust growth in the retail banking, credit card, and commercial businesses helped increase total revenue.
- The decline in average interest-earning assets was the primary cause for the drop in net interest income.
- The company improved its funding mix by reducing the average balance of Federal Home Loan Bank advances and increasing lower-cost retail deposits. The change positively affected the net interest margin.
- As a result of a solid performance during the quarter, the company's Board of Directors increased the cash dividend to $0.56 per share.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Q2 2007 |
Q2 2006 |
Change |
|
|---|---|---|---|
|
Total Revenue |
$3,790 |
$3,640 |
4.1% |
|
Net Interest Income |
$2,034 |
$2,060 |
(1.3%) |
|
Net Profit* |
$830 |
$767 |
8.2% |
|
EPS** |
$0.92 |
$0.79 |
16.5% |
**Non-GAAP EPS as reported by the company.
Get back to basics with a look at the income statement.
Ratio Checkup
|
Q2 2007 |
Q2 2006 |
Change* |
|
|---|---|---|---|
|
Net Interest Margin |
2.90% |
2.65% |
0.25% |
|
Efficiency Ratio |
56.38% |
61.27% |
(4.89%) |
|
Nonperforming Assets / Assets |
1.29% |
0.62% |
0.67% |
|
Return on Average Assets |
1.05% |
0.88% |
0.17% |
|
Return on Average Equity |
13.74% |
11.82% |
1.92% |
Find out more about bank performance ratios.
Balance Sheet Highlights
|
Assets |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Investments |
$33,874 |
$35,241 |
(3.9%) |
|
Loans |
$234,321 |
$266,845 |
(12.2%) |
|
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Deposits |
$201,380 |
$204,558 |
(1.6%) |
|
Total Liabilities |
$288,009 |
$324,753 |
(11.3%) |
Learn about bank assets and bank liabilities.
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