WASHINGTON (AP) _ Fannie Mae on Monday reported a 12.2 percent increase in first-quarter earnings on strong growth in its portfolio of mortgages.
The company, the nation’s largest source of financing for home mortgages, reported earnings of $924.9 million, or 88 cents per share, compared with $824.2 million, or 77 cents per share, in the same quarter a year earlier.
Fannie Mae attributed the gain to a 12 percent increase in net interest income and lower credit-related costs. The company’s portfolio of mortages grew at an annual rate of 25 percent during the quarter.
The results were slightly above analyst expectations of 87 cents a share, according to First Call Corp.
The company purchased $53 billion of mortgages in the first quarter of 1999, compared with $28.4 billion in the first quarter of 1998.
In addition, the company issued a record $106.5 billion of mortgage-backed securities in the first quarter of 1999, compared with $58.3 billion in the first quarter of 1998.