Federal National Mortgage Association reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the year, the company reported net interest income of USD 20,733 million compared to USD 21,295 million a year ago. Total interest income was USD 109,856 million compared to USD 106,021 million a year ago. Income before federal income taxes was USD 18,447 million compared to USD 18,333 million a year ago. Net income was USD 2,463 million compared to USD 12,313 million a year ago. Net loss attributable to common stockholders was USD 6,481 million or USD 1.12 per basic and diluted share compared to profit of USD 77 million or USD 0.01 per basic and diluted share a year ago. Net cash provided by operating activities was USD 8,256 million compared to net cash used in operating activities USD 733 million a year ago. Net revenues were USD 22,960 million compared to USD 22,261 million a year ago. The decrease in company's net income and comprehensive income in 2017 was driven primarily by a USD 9.9 billion provision for federal income taxes resulting from the enactment of the Tax Act.

For the quarter, the company reported net interest income of USD 5,111 million compared to USD 5,274 million for the previous quarter. Net revenue was USD 5,542 million compared to USD 6,468 million for the previous quarter. Income before federal income taxes was USD 4,956 million compared to USD 4,548 million for the previous quarter. Net loss was USD 6,533 million compared to income of USD 3,023 million for the previous quarter.

The company expects its effective tax rate to be approximately 20% in 2018. The company expects its future net income will benefit from the lower federal corporate income tax rate.