Sunday, January 28, 2018

Navy FCU Reports Net Income of Almost $1.347 Billion for 2017

For the second consecutive year, Navy Federal Credit Union (Vienna, VA) reported net income in excess of $1 billion.

Navy FCU's 2017 net income was almost $1.347 billion. This is up 12.4 percent from a year earlier.

Navy reported total income of $6.018 billion, of which $4.63 billion was interest income and $1.39 billion was non-interest income.

The top three sources of interest income were credit cards ($1.59 billion), consumer loans ($1.29 billion), and mortgages ($1.19 billion).

The top two sources of non-interest income were fee income ($470 million) and interchange revenue ($401 million).

Total operating expenses for 2017 was $2.57 billion. Provision for loan and lease losses was $1.24 billion. Interest expense was $299 million and dividends were $498 million. Other non-operating expenses were $61 million.

View 2017 income statement.
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1 comment:

  1. AnonymousJanuary 30, 2018 at 9:56 AM

    Where do the dividends go? Loan to deposit still well over 100%.

    ReplyDelete

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