Business Year in Review
The average balance of financing assets increased in 2016 by $155 million and the average balance of financing liabilities increased by $59 million in 2016.
Private Export Funding Corporation's ("PEFCO") new loan commitments were $292 million in 2016, compared to new loan commitments of $1,995 million in 2015. New commitments in the Short and Medium – term Loan Programs and under our Small Business Programs were $24 million in 2016 and $108 million in 2015.
PEFCO's net loss in 2016 was ($0.6) million compared to net income of $2.2 million in 2015. Net financing income decreased to $7.8 million in 2016 from $13.5 million in 2015. The average balance of financing assets increased in 2016 by $155 million and the average balance of financing liabilities increased by $59 million in 2016. The average financing revenue interest rate increased by 0.22% and the average financing expense interest rate increased by 0.27%.
PEFCO did not declare a dividend for the fiscal year ending September 30, 2016. Given the Export-Import Bank of the United States reauthorization and their Board quorum issues in fiscal 2016, PEFCO's Management believes that preservation of capital is in the best interest of PEFCO and its shareowners.
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