Q4 2023 Earnings Summary
Reported on Jan 4, 2025 (Before Market Open)
Pre-Earnings Price$1.08Last close (Feb 13, 2024)
Post-Earnings Price$1.08Open (Feb 14, 2024)
Price Change
$0.00(0.00%)
- Freddie Mac's net income increased by 13% year-over-year to $10.5 billion in 2023, demonstrating strong financial performance.
- Net worth increased to $47.7 billion at the end of the year, representing a 29% increase from 2022, indicating a stronger financial position.
- Single-family serious delinquency rate declined to a historically low 55 basis points, reflecting improved credit quality and effective risk management.
- Noninterest income decreased by 18% year-over-year to $2.7 billion in 2023, as the prior year period included gains that did not recur.
- Noninterest expense grew by 14% year-over-year to $8.9 billion in 2023, primarily driven by a $646 million increase in net credit enhancement expense and a $313 million expense accrual related to an adverse litigation judgment.
- Multifamily provision for credit losses increased by $231 million to $300 million in 2023, due to heightened uncertainty and deterioration in overall loan performance.