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Description:
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Washington Mutual, Inc. (Washington Mutual) is a retailer of financial services to consumers and small businesses. The Company is a savings and loan holding company. It owns two federal savings associations, as well as numerous non-bank subsidiaries. The Company has four operating segments: the Retail Banking and Financial Services Group; the Home Loans Group; the Card Services Group, and the Commercial Group. The Retail Banking and Financial Services Group, the Home Loans Group and the Card Services Group are consumer-oriented while the Commercial Group serves commercial customers. In addition, the category of Corporate Support/Treasury and Other includes the community lending and investment operations, as well as the Treasury function, which manages the Company's interest rate risk, liquidity, capital, borrowings, and a majority of the Company's investment securities. For the six months ended 30 June 2006, Washington Mutual, Inc.'s interest income rose 33% to $9.59B. Net interest income after loan loss provision fell 1% to $3.87B. Net income increased 1% to $1.74B. Net interest income reflects higher income from loans, partially offset by higher borrowing. Net income was partially offset by lower income from sales & servicing of loans and higher compensation & benefits expenses.
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