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Earnings Analysis: 
Countrywide Posts a Loss, Deposits Grow
Author: 123jump.com Staff
123jump.com
Last Update: 4:41 PM EDT April 29 2008


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Countrywide reported first quarter loss of $893 million or $1.60 per share compared to net income of $434 million or 72 cents per share. The quarter also saw steady gains from the sale of mortgages, origination of loan volume and rise in deposit base at the lenders bank branches. The accounting rule change helped the lender to report higher gains in loan sales. Countrywide provisioned $3 billion for credit market related charges.

 
Total deposits were $64 billion at March 31, 2008, which compares to $61 billion at December 31, 2007. Retail deposits totaled $38 billion at March 31, 2008, which compares to $33 billion at December 31, 2007. During the first quarter of 2008, the Bank opened eight new financial centers, bringing its total to 201 at March 31, 2008.
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