Article: Ambac Financial Group, Inc. Announces Second Quarter Net Income of $823.1 Million.

Second Quarter Net Income Per Diluted Share of $2.80

NEW YORK -- Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced second quarter 2008 net income of $823.1 million, or net income of $2.80 on a fully-diluted per share basis. This compares to second quarter 2007 net income of $173.0 million, or net income of $1.67 on a fully-diluted per share basis. The increase in the second quarter of 2008 is primarily due to recording net mark-to-market gains on credit derivatives, increased accelerated premiums from refundings, and loss reserve reductions on the direct residential mortgage-backed securities (RMBS) portfolio, partially offset by market losses on ...

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