Turnaround welcomed by Wall Street as shares surge
US Bond insurer MBIA announced a Q1 net profit of $696.7m signifying a massive turnaround in its fortunes from a loss of $2.4bn for Q1 last year, prompting its shares to surge.
Financial highlights
- Total income $1.9bn
- Income before tax $985m
- Net income $ 696.7m
“MBIA continues to be affected by the on-going credit crisis, but we believe our financial position is more than adequate, and we’re making progress in positioning our businesses for the future,” said president and chief financial officer Chuck Chaplin.
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