Mortgage specialist Equitable Group Inc. is increasing its quarterly dividend after reporting its fourth-quarter profit rose 29% to $5.6 million.
Earnings for the quarter ended Dec. 31 amounted to 46¢ a diluted share, compared with $4.3 million or 36 per share a year earlier, the company said.
Equitable Group provides residential first-mortgage financing through subsidiary The Equitable Trust Co.
For the full year, earnings increased 32% to a record $19.8 million of $1.65 per diluted share from $15 million or $1.30 a share in 2004.
Assets surpassed $2 billion for the first time.
“The fourth quarter was an outstanding conclusion to another record year for Equitable,” CEO Geoffrey Bledin said in a news release.
“Mortgage originations, total assets, earnings and return-on-equity all increased in the quarter, compared to the previous year, and represented a continuation of gains made over the first nine months of 2005.”
Bledin said the achievement of $2 billion in total assets came just 2 1/2 years after the firm reached $1 billion.
The company announced it will pay a dividend of 10¢ per share on April 4, representing a 2¢ increase.