Nelnet Posts Lower Q2 Profit

(RTTNews) - Nelnet, Inc. (NNI) reported net income of for the second quarter $75.0 million or $1.61 per share, compared to $101.2 million or $2.17 per share for the year-ago quarter.

Excluding derivative market value and foreign currency adjustments, adjusted net income for the second quarter was $70.2 million or $1.51 per share, compared to $71.1 million or $1.53 per share in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to earn $1.44 per share for the second quarter.

Net interest income for the second quarter rose to $107.7 million from $101.4 million a year ago. Provision for loan losses for the quarter fell to $1.5 million from $5.0 million last year.