MBIA posts surprise profit in 2Q

ARMONK, New York: Bond insurer MBIA Inc. surprised Wall Street Wednesday with a second-quarter profit, which it says was fueled partly by unrealized gains on credit derivatives.

The Armonk, New York-based company earned $894.7 million, or $4.30 per share, in the second quarter. That's down 47 percent from a profit of $1.7 billion, or $7.14 per share, a year earlier .

Analysts polled by Thomson Reuters on average expected a loss of 92 cents per share.

Shares of MBIA rose 52 cents, or 9.4 percent, TO $6.05 in afterhours trading, after closing down 22 cents at $5.53 during the regular session.

It was the second consecutive quarterly profit for MBIA. - AP

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