On April 26, Countrywide Financial
- As expected, revenues declined because of adverse subprime and housing market conditions. Provision for loan losses more than doubled.
- Management expects 2007 to be challenging, but it continues to believe that current market conditions will create opportunities as the industry consolidates.
- The company updated its earnings guidance for 2007, expecting diluted EPS between $3.50 and $4.30.
- Read our Subprime Survival Guide for more information about the lending mess.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Q1 2007 |
Q1 2006 |
Change |
|
|---|---|---|---|
|
Total Revenue |
$2,405.8 |
$2,835.9 |
(15.2%) |
|
Net Interest Income |
$730.9 |
$694.4 |
5.3% |
|
Net Profit |
$434.0 |
$683.5 |
(36.5%) |
|
EPS |
$0.72 |
$1.10 |
(34.5%) |
Get back to basics with a look at the income statement.
Ratio Checkup
|
Q1 2007 |
Q1 2006 |
Change* |
|
|---|---|---|---|
|
Net Interest Margin |
2.45% |
2.23% |
0.22% |
|
Return on Average Assets |
0.88% |
1.08% |
(0.20%) |
|
Return on Average Equity |
14.60% |
15.40% |
(0.80%) |
Find out more about bank performance ratios.
Balance Sheet Highlights
|
Assets |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Investments |
$87,373 |
$58,873 |
48.4% |
|
Loans |
$107,834 |
$106,348 |
1.4% |
|
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Deposits |
$57,525 |
$45,378 |
26.8% |
|
Total Liabilities |
$193,132 |
$164,086 |
17.7% |
Learn about bank assets and bank liabilities.
Related Foolishness:
- Quick Take: Housing Rebounds, Sky Green
- Here Come the Mortgage Regulators
- Fool on the Street: Silent but Steady Principal
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