Federal National Mortgage Association Fannie Mae (FNM) has reported a 12.40 percent rise in profit for the year ended Dec. 31, 2016. The company has earned $12,313 million, or $0.01 a share in the year, compared with $10,955 million, or $0.05 a share for the last year.
Revenue during the year grew 6.36 percent to $24,591 million from $23,121 million in the previous year. Net interest income for the quarter dropped 0.53 percent over the prior year period to $21,295 million. Non-interest income for the year rose 24.43 percent over the last year to $1,141 million.
Federal National Mortgage Association Fannie Mae has made negative provision of $2,155 million for loan losses during the year, compared with a negative provision of $795 million in the same period last.
"Our strong 2016 results reflect a multi-year drive to improve Fannie Mae's business model, strengthen the housing finance system, and deliver innovation and certainty to customers," said Timothy J. Mayopoulos, president and chief executive officer. "We delivered new technologies that reduce risk and cost for our Single-Family customers and help them make the mortgage process simpler, more certain, and easier for borrowers. Our Multifamily business achieved record volume in 2016, and we deepened our commitment to delivering solutions that support affordable and workforce housing. We look forward to another year of progress as we continue to improve our operations and deliver greater value to our partners, the industry, taxpayers, and the housing market."
Assets outpace liabilities growth
Total assets stood at $3,287,968 million as on Dec. 31, 2016, up 2.05 percent compared with $3,221,917 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,281,897 million as on Dec. 31, 2016, up 1.99 percent from $3,217,858 million on Dec. 31, 2015.
Net loans stood at $3,079,753 million as on Dec. 31, 2016, up 1.99 percent compared with $3,019,644 million on Dec. 31, 2015.
Investments stood at $48,925 million as on Dec. 31, 2016, down 18.65 percent or $11,213 million from year-ago. Shareholders equity stood at $6,071 million as on Dec. 31, 2016, up 49.57 percent or $2,012 million from year-ago.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net