Nelnet (NNI) has reported 17.99 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $98.35 million, or $2.32 a share in the quarter, compared with $83.35 million, or $1.86 a share for the same period last year. Revenue during the quarter grew 8.35 percent to $268.86 million from $248.14 million in the previous year period. Net interest income for the quarter dropped 29.64 percent over the prior year period to $78.96 million. Non-interest income for the quarter rose 38.86 percent over the last year period to $192.90 million.
“It was another solid year for Nelnet in 2016. We generated strong earnings from operations and our student loan portfolio, while also achieving further diversification,” said Jeff Noordhoek, chief executive officer of Nelnet. “Our core fee-based businesses, payment processing and student loan servicing, grew, and we invested significant capital with the addition of our ALLO fiber-optic communications business.”
Assets, liabilities fallTotal assets stood at $27,180.11 million as on Dec. 31, 2016, down 10.84 percent compared with $30,485.90 million on Dec. 31, 2015. On the other hand, total liabilities stood at $25,109.18 million as on Dec. 31, 2016, down 12.19 percent from $28,593.75 million on Dec. 31, 2015. Shareholders equity stood at $2,070.92 million as on Dec. 31, 2016, up 9.45 percent or $178.77 million from year-ago.
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