Student loan company Nelnet Inc. of Lincoln reported Monday it had net income of $50 million, or 99 cents a share, in the three months that ended June 30 compared with $8.2 million, or 16 cents a share, in the same period last year.
Six-month net income was $104.3 million, or $2.08 per share, compared with $33.7 million, or 68 cents a share, in the first half of 2009.
Nelnet also reported base net income, a calculation which excludes some factors, of $58.4 million, or $1.17 per share, in the second quarter compared with $29.7 million, or 60 cents a share, a year earlier.
Nelnet said its second-quarter net interest income after provisions for loan losses totaled $91.2 million compared with $49.1 million a year. Net interest income is interest payments received on loans minus the cost of money and other factors.
Fee-based income — separate from interest income — was up 19 percent to $48.2 million for the quarter. Nelnet also received $6.1 million for servicing student loans under a contract with the U.S. Department of Education, working with $12.9 billion worth of loans to 1.5 million borrowers on June 30.
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