Citing a resurgence in key business segments, Fannie Mae reported third-quarter earnings of $596.8 million, or $2.17 per share. The figures compare with earnings of $542.7 million, or $1.98 per share, in the third quarter of 1994.
A "very healthy growth in total revenues" fueled the increase, said James A. Johnson, chairman of Fannie Mae, formerly known as the Federal National Mortgage Association.
Mr. Johnson cited strong mortgage portfolio growth, a rebound in guarantee fee income, and a rise in the interest margin on its earning assets for the gains.
For the first nine months of this year, Fannie Mae earned $1.74 billion, or $6.31 per share, compared with $1.58 billion, or $5.75 per share, in the same period of 1994.
The company issued $34.4 billion of mortgage-backed securities in the third quarter, up from $24.6 billion a year ago. Fannie Mae had $560 billion of outstanding mortgage-backed securities at the end of the latest third quarter.