WASHINGTON (dpa-AFX) - Fannie Mae (FNMA.OB) posted first-quarter net income attributable to Fannie Mae of $2.72 billion, compared to loss of $6.47 billion a year earlier.
Net loss attributable to common stockholders was $98 million or $0.02 per share, narrower than $8.69 billion or $1.52 per share a year ago.
The company said that the significant improvement in the company's financial results in the recent quarter was due primarily to lower credit-related expenses, resulting from a less significant decline in home prices, a decline in the company's inventory of single-family realestate owned, or REO, properties coupled with improved REO sales prices, and lower single-family serious delinquency rates.
Net interest income grew to $5.2 billion from $4.96 billion in the prior-year quarter. Non-interest income was up to $676 million from $570 million in the same quarter last year.
Provision for credit losses dropped to $2 billion from $10.55 billion a year ago.
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