Federal National Mortgage Association Fannie Mae (FNM) has reported a 63.06 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3,196 million, or $0.04 a share in the quarter, compared with $1,960 million, or $0.04 a share for the same period last year.
Revenue during the quarter grew 22.56 percent to $6,259 million from $5,107 million in the previous year period. Net interest income for the quarter dropped 2.74 percent over the prior year period to $5,435 million. Non-interest income was $151 million for the quarter as against loss of $2,031 million in the previous year period.
Federal National Mortgage Association Fannie Mae has made negative provision of $673 million for loan losses during the quarter, compared with a negative provision of $1,550 million in the same period last year.
"Today's results reflect the strength of our business and our commitment to delivering innovations that make the mortgage process better for lenders," said Timothy J. Mayopoulos, president and chief executive officer. "Fannie Mae is delivering tools and technologies that reduce costs and increase efficiency for our customers. We have partnered with lenders to develop new solutions that meet their most important needs. We will continue to innovate so that we can help customers create a faster, safer, and, ultimately, fully-digitized mortgage experience for borrowers."
Assets outpace liabilities growth
Total assets stood at $3,255,942 million as on Sep. 30, 2016, up 0.78 percent compared with $3,230,782 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,251,766 million as on Sep. 30, 2016, up 0.77 percent from $3,226,779 million on Sep. 30, 2015.
Net loans stood at $3,048,961 million as on Sep. 30, 2016, up 0.94 percent compared with $3,020,456 million on Sep. 30, 2015.
Investments stood at $50,412 million as on Sep. 30, 2016, down 16 percent or $9,604 million from year-ago. Shareholders equity stood at $4,176 million as on Sep. 30, 2016, up 4.32 percent or $173 million from year-ago.
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