Nelnet (NNI) has reported 72.19 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $84.29 million, or $1.98 a share in the quarter, compared with $48.96 million, or $1.09 a share for the same period last year. Revenue during the quarter grew 21.31 percent to $238.87 million from $196.91 million in the previous year period. Net interest income for the quarter dropped 10.89 percent over the prior year period to $99.80 million. Non-interest income for the quarter rose 65.01 percent over the last year period to $145.08 million.
Nelnet has made provision of $6 million for loan losses during the quarter, up 100 percent from $3 million in the same period last year.
"For the third quarter, we reported solid revenue growth from our payment processing and student loan servicing businesses," said Jeff Noordhoek, chief executive officer of Nelnet. "In addition, we were able to invest capital for the future in ALLO’s fiber optic network, as well as repurchase shares and increase our dividend."
Assets, liabilities fallTotal assets stood at $27,669.61 million as on Sep. 30, 2016, down 10.87 percent compared with $31,045.40 million on Sep. 30, 2015. On the other hand, total liabilities stood at $25,688.52 million as on Sep. 30, 2016, down 12.06 percent from $29,210 million on Sep. 30, 2015. Shareholders equity stood at $1,981.10 million as on Sep. 30, 2016, up 7.94 percent or $145.70 million from year-ago.
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