Fannie Mae Annual Net Profit Climbs

(RTTNews) - The Federal National Mortgage Association or Fannie Mae (FNMA) on Thursday reported an increase in net profit for the full year, supported by a benefit for credit losses and a rise in interest and non-interest income.

For the 12-month period, Net income stood at $17.408 billion, compared with $12.923 billion in 2022.

Dividends distributed or amounts attributable to senior preferred stock was $17.405 billion, higher than $12.920 billion a year ago.

Pre-tax earnings moved up to $21.956 billion from $16.233 billion a year ago.

Benefit for credit losses was $1.670 billion, compared with last year's provision for credit losses of $6.277 billion.

Noninterest income was $1.526 billion, up from last year's $1.299 billion.

Total interest income was up at $ 139.714 billion from $120.297 billion last year.