The Federal National Mortgage Association on Thursday reported net income of $2.14 billion for 1995, up from $2.13 billion in 1994.

Without a special contribution of $350 million to the Fannie Mae Foundation announced in the fourth quarter, 1995 earnings would have been $2.37 billion.

In a statement, Fannie Mae's chairman and chief executive officer, James A. Johnson, said that earnings increased despite slow growth in business volumes during the first half of 1995.

Net income for the fourth quarter was $408.3 million after the special contribution, down from $596.8 million in the third quarter and $552.5 million in the fourth quarter of 1994.

For the year, Fannie Mae's net interest income was $3.047 billion, up from $2.823 billion in 1994.

Guarantee fees earned on mortgage-backed securities were $1.086 billion in 1995, compared with $1.083 billion in 1994.

Miscellaneous income, which includes Remic fees, was $89.7 million, compared with $144.9 million in 1994.

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