The Federal Agricultural Mortgage Corporation (AGM) has reported a 60.96 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $21.91 million, or $1.73 a share in the quarter, compared with $13.61 million, or $0.94 a share for the same period last year.
Revenue during the quarter surged 39.97 percent to $43.23 million from $30.88 million in the previous year period. Net interest income for the quarter rose 10.20 percent over the prior year period to $37.07 million. Non-interest income was $6.80 million for the quarter as against loss of $2.71 million in the previous year period.
The Federal Agricultural Mortgage Corporation has made provision of $0.64 million for loan losses during the quarter, up 1,200 percent from $0.05 million in the same period last year.
"Our first quarter 2017 results reflect a continuation of the favorable trends that developed over the course of last year,"" said President and Chief Executive Officer Tim Buzby. "The strength of our business model can be seen in our financial results for first quarter 2017, as we grew outstanding business volume by $445 million and core earnings per share by 29 percent year-over-year. Our credit quality remains favorable and within our expectations despite showing signs of the expected normalization related to the current agricultural credit cycle."
Assets, liabilities fall
Total assets stood at $15,931.76 million as on Mar. 31, 2017, down 1.39 percent compared with $16,156.03 million on Mar. 31, 2016. On the other hand, total liabilities stood at $15,265.74 million as on Mar. 31, 2017, down 2.22 percent from $15,612.01 million on Mar. 31, 2016.
Shareholders equity stood at $666.02 million as on Mar. 31, 2017, up 22.43 percent or $122.01 million from year-ago.
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