net income

When the Fed’s net income turns positive, it will pay down the deferred-asset value until it reaches zero, and then resume sending money.

That contrasts with adjusted net income north of $10 billion in fiscal 2023, the year after net farm profits hit a record.

The outlook came as a surprise to Wall Street, as analysts surveyed by FactSet were expecting, on average, net income to increase to $5.11 billion.

DB keeps revenue forecasts largely unchanged, but lifts the adjusted net income estimates by 3% to reflect the one-off income tax benefit.

The company reported adjusted net income for its fiscal first quarter of 93 cents a share, as revenue climbed 16% from a year ago to $2.47 billion.