Washington Mutual Earnings Rise on Providian Purchase

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000427-washington-mutual-earnings-rise-on-provid/

Washington Mutual Inc., the biggest U.S. savings and loan, said fourth-quarter earnings jumped 29 percent after paying $6.1 billion to acquire Providian Financial Corp. in October.

Fourth-quarter net income rose to $865 million, or 85 cents a share, from $668 million, or 76 cents, a year earlier, the Seattle-based company said today in a statement. Piper Jaffray Inc. analyst Robert Napoli, rated one of the most accurate on thrifts and mortgage-finance companies by StarMine Inc., estimated the company would earn 79 cents, excluding any hedging gains or other one-time items.

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