WaMu Q2 loss: $3.3 billion

Washington Mutual Inc. reported a second-quarter loss of $3.3 billion, or a loss $6.58 per share, which compares with net income of $830 million, or earnings of 92 cents per share a year earlier.

The latest quarter includes a one-time earnings-per-share reduction of $3.24 related to its previous announcement of a $7 billion capital infusion. Without that, the company would have reported a loss of $3.34 per share.

Analysts polled by Thomson Financial Network were expecting a loss of $1.05 per share.

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The beleaguered Seattle thrift (NYSE: WM) said it increased its provision for loan losses to nearly $6 billion for the quarter, up from $3.5 billion in the first quarter.

“The increase in provision for loan losses reflected the further decline in house prices which increased expected loss severities, increased delinquencies, reduced availability of credit, and the weakening economy,” company officials said in a statement.

Despite the $3.3 billion quarterly loss, CEO Kerry Killinger said the bank’s “comprehensive plan” is moving forward.

“We remain confident that we have sufficient capital to successfully manage our way through this challenging period,” he said in a statement.