Doral Financial has reported a net loss attributable to common shareholders of $351.6m for the year ended December 31, 2008, compared to a net loss attributable to common shareholders of $204.2m for the year ended December 31, 2007.
Net loss, before preferred stock dividends, for the year ended December 31, 2008 was $318.3m, compared to a net loss, before preferred stock dividends, of $170.9m for the year 2007.
Diluted loss per share for the year ended December 31, 2008 was $6.53, compared to a diluted loss per share of $7.45 for the year ended December 31, 2007.
Net interest income for the year 2008 was $177.5m, compared to $154.3m for the year 2007.
Glen Wakeman, CEO and president of Doral Financial, said: The actions we’ve taken over the past two years, including tightening underwriting, reducing costs, strengthening our loan restructuring programme, focusing on compliance, and assisting clients in preventing foreclosure have allowed us to preserve our strength in today’s difficult economic environment.
We decided to take additional prudent actions, including establishing a valuation allowance for the company’s deferred tax asset, strengthening our reserves and particularly, suspending the preferred stock dividend. These are tough decisions, especially with respect to the preferred stock dividends, but necessary to protect our capital during a worldwide crisis in order to be well-positioned for the long term. We remain well-capitalised and continue to make substantial progress in our operations.
