Nelnet (NNI) has reported 4.31 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $50.03 million, or $1.18 a share in the quarter, compared with $47.96 million, or $1.11 a share for the same period last year.
Revenue during the quarter grew 4.18 percent to $191.66 million from $183.97 million in the previous year period. Net interest income for the quarter dropped 24.29 percent over the prior year period to $76.92 million. Non-interest income for the quarter rose 36.38 percent over the last year period to $115.74 million.
Nelnet has made provision of $1 million for loan losses during the quarter, down 60 percent from $2.50 million in the same period last year.
"For the first quarter, we reported solid revenue growth from our loan servicing, payment processing, and communications businesses," said Jeff Noordhoek, chief executive officer of Nelnet. "As our student loan portfolio continues to run off, we are focused on providing superior customer experiences and pursuing opportunities for revenue diversification and growth that will result in long-term success."
Assets, liabilities fall
Total assets stood at $26,141.22 million as on Mar. 31, 2017, down 11.65 percent compared with $29,589.35 million on Mar. 31, 2016. On the other hand, total liabilities stood at $24,013.55 million as on Mar. 31, 2017, down 13.32 percent from $27,702.42 million on Mar. 31, 2016.
Shareholders equity stood at $2,127.67 million as on Mar. 31, 2017, up 12.76 percent or $240.74 million from year-ago.
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