Quarterly Profit Falls 37% at Household
Household International Inc., the consumer finance company being bought by HSBC Holdings, said fourth-quarter profit fell 37% as it lost money selling its savings bank.
Net income dropped to $338.2 million, or 66 cents a share, from $533.2 million, or $1.13, in the same period a year ago. The sale of the savings bank cut profit by $240 million because the company had to write down the value of deposits issued at higher-than-current rates, a spokesman said.
Household shares were unchanged at $28.50 on the NYSE.
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