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Bank reports 20 percent drop in quarterly earnings

Thursday, Jan. 20, 2005 | 9:20 a.m.

SEATTLE -- Washington Mutual Inc. said Wednesday that fourth quarter earnings fell more than 20 percent but attributed the drop primarily to one-time gains it had in the comparable quarter a year earlier.

For the three months ended Dec. 31, the Seattle-based financial services company reported net income of $668 million or 76 cents per share. That's down from $842 million or 93 cents per share in the same period in 2003.

The company recorded one-time gains of $202 million in the fourth quarter of 2003. The gains were because selling the Washington Mutual Finance unit, and its franchise loans business, affected the credit risk of the company's portfolio.

Washington Mutual operates 30 local branches and three home loan centers in the Las Vegas Valley. FDIC statistics indicate that it is the seventh-largest operation locally with $950 million in deposits.

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