Freddie Mac on Thursday morning reported net income of $3.8 billion in the second quarter, a 61% increase from a year earlier, driven largely by a credit reserve release and higher net interest income.

Net income increased from $3.558 billion in the first quarter.

Net revenue rose 1% year over year to $5.991 billion. Net interest income increased 13% to $6.01 billion, supported by growth in Freddie Mac’s mortgage portfolios and a larger balance of fully guaranteed multifamily securitizations. The increase was partially offset by a $19 million noninterest loss, compared with $617 million in noninterest income a year earlier.

“Freddie details ⇒

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