UnionBanCal has reported a net loss of $85.9 million for the fourth quarter ended December 31, 2008, as compared to net income of $165.67 million for the fourth quarter ended December 31, 2007.
Loss from continuing operations for the fourth quarter of 2008 was $82.9 million, compared with income from continuing operations of $109.2 million in the same quarter of 2007. For the fourth quarter of 2008, total revenue was $741 million, up 16% when compared with $641.07 million for the 2007 fourth quarter.
For the year 2008 ended December 31, 2008, net income was $269 million, compared with $608.09 million for the year ended December 31, 2007.
Income from continuing operations was $284 million, compared with $573 million for the year 2007. Total revenue for 2008 was $2.83 billion, an increase of $301 million, or 12%, over $2.53 billion for the year 2007.
At December 31, 2008, the company had total assets of $70.1 billion, up $14.4 billion, or 26%, compared with $55.73 billion as of December 31, 2007. Total loans were $49.6 billion, up $8.4 billion, or 20%, compared with $41.2 billion as of December 31, 2007.
