Industry News

Fannie Mae profits jump

Finance giant reports $7.91 billion net income for 2003

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Fannie Mae, the nation's largest mortgage buyer, reported increased earnings for the fourth quarter and 2003 as a whole, driven by strong growth in net interest income and a decline in mark-to-market losses on purchased loans. The finance giant reported net income of $7.91 billion for 2003, up 71.1 percent over reported net income of $4.62 billion in 2002. Diluted earnings per share were $7.91 in 2003, up 75 percent from $4.52 in 2002. For the fourth quarter of 2003 Fannie Mae's reported net income was $2.2 billion, or $2.21 a share, compared with $952 million, or $0.94 a share, for the fourth quarter of 2002. Core business earnings for 2003 totaled $7.31 billion, a 14.3 percent increase over core business earnings of $6.4 billion in 2002. Core business diluted EPS for 2003 were $7.29, or 15.7 percent above 2002. Core business earnings for the fourth quarter of 2003 totaled $1.78 billion, or $1.77 a share, compared with $1.67 billion, or $1.66 a share, for the fourth quarter o...