Federal Agricultural Mortgage Corporation (AGM) has reported 68.69 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $19.66 million, or $1.54 a share in the quarter, compared with $11.65 million, or $0.74 a share for the same period last year.
Revenue during the quarter surged 39.16 percent to $39.47 million from $28.37 million in the previous year period. Net interest income for the quarter rose 10.50 percent over the prior year period to $35.56 million. Non-interest income was $4.10 million for the quarter as against loss of $4.98 million in the previous year period.
Federal Agricultural Mortgage Corporation has made provision of $0.19 million for loan losses during the quarter, down 83.59 percent from $1.16 million in the same period last year.
"Our third quarter results continued the strong performance we have seen throughout 2016, as reflected by significant new business volume, improving spreads, good credit quality, and strong profitability," said president and chief executive officer Tim Buzby.
Assets outpace liabilities growth
Total assets stood at $16,000.90 million as on Sep. 30, 2016, up 7.72 percent compared with $14,853.84 million on Sep. 30, 2015. On the other hand, total liabilities stood at $15,400.02 million as on Sep. 30, 2016, up 7.59 percent from $14,313.30 million on Sep. 30, 2015.
Investments stood at $11,100.76 million as on Sep. 30, 2016, up 18.62 percent or $1,742.37 million from year-ago. Shareholders equity stood at $600.88 million as on Sep. 30, 2016, up 11.16 percent or $60.34 million from year-ago.
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