WASHINGTON - Lending and investing by the Federal Home Loan banks rose sharply in the 12 months ended June 30, with assets up 33% over the year earlier, according to Federal Housing Finance Board data.

The growth was accompanied by a sizable increase in net income, a tiny uptick in return on equity, and bigger dividend payments to the more than 5,000 commercial banks and thrifts that belong to the Home Loan Bank System.

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