Financial Times FT.com

Countrywide on path back to profit

By Stacy-Marie Ishmael in New York

Published: October 26 2007 14:21 | Last updated: October 27 2007 01:56

Countrywide Financial shares soared 32 per cent on Friday after the biggest US mortgage lender said it would return to profitability this quarter following a $1.2bn third-quarter loss.

The loss, the company’s first in 25 years, compared with a profit of $647.6m a year earlier and reflected $2.9bn of writedowns, credit losses and restructuring charges.

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