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NetBank says 4Q loss to be steeper than expected
February 7, 2007
Reuters:NetBank Inc., the parent of ATM independent sales organizationNetBank Payment Systems Inc., said Feb. 6 that it expects to post a steeper-than-expected loss for the fourth-quarter of 2006, as it moved to shut down its mortgage business.NetBank had previously forecast an after-tax loss of between 74 cents and 87 cents; now the company says it expects the result to fall "far below" that estimate. After its shutdown of the mortgage business, completed in the fourth quarter, NetBank has been forced to buy back from investors the loans that were defaulted, leading to $26 million more in provisions than it was expecting, the company said.
Trends / StatisticsDistributors / ISO / IADRetail / Off-PremisesOtherNorth AmericaPublic CompaniesBanking Executive SummaryNetBank Payment Systems
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