IndyMac Posts 14% Profit Gain in Quarter

Pasadena mortgage banker IndyMac Bancorp Inc. reported a 14% increase in first-quarter net income Wednesday, with its home-loan production at $6.9 billion, up 7% from the first quarter of 2003.

Shares in IndyMac fell 13 cents to $31.62 on the NYSE.

IndyMac earned $41.9 million, or 70 cents a share, up from $36.9 million, or 66 cents, during the first quarter of 2003.

The fast-growing company, a specialist in online lending, said quarterly revenue rose to $184.7 million from $156.9 million, a 18% gain.

A decline in interest rates beginning in February reignited home refinancings, increasing loans in the pipeline and “boding well for the second quarter,” said IndyMac’s chairman, Michael W. Perry. He said earnings for the year should total about $3.20 a share, up from $3.01 last year and toward the upper end of analysts’ forecasts.