Washington Mutual Inc.
Stock Symbol: WM
1201 3rd Ave
Washington Mutual Inc. Industry:
Washington Mutual Inc. Description:
Washington Mutual Inc. is a financial services company committed to serving consumers and small to mid-sized businesses. Through its subsidiaries, Washington Mutual engages in the following lines of business: consumer banking, mortgage banking, commercial banking, financial services and consumer finance. The Company's principal banking subsidiaries are Washington Mutual Bank, FA, Washington Mutual Bank and Washington Mutual Bank fsb. The banking subsidiaries accept deposits from the general public, make, buy and sell residential loans, consumer loans, and commercial loans, and engage in certain commercial banking activities. The Company originates, purchases, sells and services specialty mortgage finance loans through its subsidiaries, Washington Mutual Finance Corporation and Long Beach Mortgage Company.
Washington Mutual Inc. Financial Summary:
For the nine months ended 30 September 2005, Washington Mutual Inc.'s interest income rose 33% to $11.01B. Net interest income after loan loss provision rose 11% to $5.63B. Net income from continuing operations rose 42% to $2.57B. Net interest income reflects higher loans outstanding, partially offset by higher borrowing costs. Earnings reflect an increase in home loan mortgage banking income.
Washington Mutual Inc. Business Summary:
Washington Mutual, Inc. (Washington Mutual) is a retailer of financial services to consumers and small businesses. The Company is a savings and loan holding company. It owns two federal savings associations, as well as numerous non-bank subsidiaries. Washington Mutual has three operating segments: the Retail Banking and Financial Services Group, the Mortgage Banking Group and the Commercial Group. Both the Retail Banking and Financial Services Group and the Mortgage Banking Group are consumer-oriented while the Commercial Group serves commercial customers. The Company serves 11.7 million consumer households through multiple distribution channels, including 1,939 retail banking stores, 478 lending stores and centers, 3,350 automated teller machines (ATMs), correspondent lenders, telephone call centers and online banking. On January 1, 2005, its state savings bank, Washington Mutual Bank merged into Washington Mutual Bank, FA.