PennyMac Financial Services, Inc (PFSI) has reported an 110.22 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.88 million, or $0.47 a share in the quarter, compared with $5.18 million, or $0.23 a share for the same period last year. Revenue during the quarter surged 42.59 percent to $204.47 million from $143.40 million in the previous year period. Non-interest income for the quarter rose 39.26 percent over the last year period to $210.09 million.
“PennyMac Financial’s first quarter results reflect the combination of an abrupt rise in mortgage rates at the end of last year and the typical seasonal slowdown in origination volumes,” said president and chief executive officer David Spector. “With respect to mortgage rates, we have recently seen a decline in rates that is expected to improve the second quarter’s mortgage origination outlook. As it pertains to seasonality, strong pending home sales bode well for home buying activity this spring and summer. Looking beyond the next quarter, we continue to invest in PennyMac’s unique operating platform, which we believe will enable us to thrive in a variety of different market conditions.”
Investments stood at $270.44 million as on Mar. 31, 2017, up 42.44 percent or $80.58 million from year-ago. Shareholders equity was at $1,457.60 million as on Mar. 31, 2017.
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