Fannie Mae Reports Q1 Attributable Profit, But Revenue Declines

(RTTNews) - Fannie Mae (FNMA.OB) Wednesday reported net income attributable to shareholders of $6 million or breakeven earnings per share for the first quarter compared with loss of $4 million or breakeven earnings per share a year ago, due to dividend distributed to preferred stock.

Dividends distributed to senior preferred stock was $3.655 billion compared with $4.324 billion last year. Income before taxes was $4.584 billion for the first quarter, lower than $5.433 billion in the same quarter a year ago.

Net income declined to $3.661 billion from $4.320 billion last year.

Revenue for the quarter slightly decreased to $7.085 billion from $7.095 billion in the previous year.

Net interest income dropped to $7.001 billion from $7.023 billion a year ago, and fee and other income fell to 84 million from 72 million.

Provision for credit losses was $24 million compared with benefit of $180 million last year.