While filling the tank yesterday, I couldn’t help thinking of Exxon’s record profits for last quarter. Ten billion dollas is a heck of a lot of money. Then I wondered how this compares to the mortgage industry. Instead of looking a total dollars, I compared profits as a percentage of revenues.
Exxon made $10,360,000,000 profit on $99,034,000,000 in revenues last quarter. 10.46%. By comparison, Bank of America, the most profitable financial institution in the world, made $16,465,000,000 profits on $83,980,000,000 in revenues for all of 2005. 19.6%. I’m not going to share my financials, but will tell you my profit on revenue was even higher than that.
I thought it was an interesting comparison. It makes me wonder how long before polititions and consumer groups will decide that I make to much money as well.
Mortgage Industry Professionals. Like what you see?
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