Wednesday, July 18, 2007

Sovereign Bancorp posts second-quarter profit

(Reuters) - Net income for the Philadelphia-based thrift totaled $147.5 million, or 29 cents per share. That compared with a net loss of $59.1 million, or 15 cents, a year earlier, when Sovereign posted a large loss from investment securities.



Operating profit rose to $170.3 million, or 33 cents per share, from $163.2 million a year earlier.


Read more at Reuters.com Market News

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