H & R Block Posts Profit on Lending

H&R; Block Inc., the world’s biggest tax-preparation company, recorded a profit in its fiscal first quarter for the first time in seven years as it expanded in mortgage lending.

Net income was $10.6 million, or 6 cents a share, for the three months through July, the Kansas City, Mo.-based company said. The results contrast with a loss of $9.5 million, or 5 cents, a year earlier. Revenue rose 15% to $495 million.

In the quarter, new loans rose 58% to $5.3 billion.

H&R; Block shares rose 49 cents to $41.74 on the NYSE.