NU Online News Service, May 4, 2004, 2:11 p.m. EDT – The stock market rebound helped Principal Financial Group Inc., Des Moines, Iowa, overcome falling revenue at its mortgage banking unit during the first quarter.[@@]
Principal is reporting $193.4 million in net income for the latest quarter on $2.3 billion in revenue, up from $155.7 in net income on $2.3 billion in revenue for the first quarter of 2003.
A drop in mortgage loan refinancing activity cut mortgage unit revenue to $255.6 million, from $404.5 million, but the unit managed to scrape up $28.6 million in operating profits.