WASHINGTON (dpa-AFX) - Sallie Mae (SLM), formally SLM Corporation, said its second-quarter financial results included marked growth in portfolio size and net interest income. In the second-quarter 2016, the company's private education loan portfolio grew 32 percent to $12.2 billion and net interest income increased 26 percent to $213 million, as compared to the year-ago quarter. Analysts polled by Thomson Reuters expected revenue of $214.48 million for the quarter.
For the second-quarter 2016, net income attributable to common stock was $52 million or $0.12 per share compared to $86 million or $0.20 per share, including $0.11 per share attributable to gains on sales of loans, net, in the year-ago quarter. The company said the year-over-year decrease was primarily attributable to a $77 million decrease in gains on sales of loans, a $26 million increase in provisions for credit losses and a $4 million increase in total expenses, which were offset by a $45 million increase in net interest income and a $25 million decrease in income tax expense.
Core earnings attributable to the company's common stock were $51 million or $0.12 per share compared with $86 million or $0.20 per share in the year-ago quarter. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.11 for the quarter. Analysts' estimates typically exclude special items.
Deposits at the company totaled $11.9 billion ($6.9 billion in brokered deposits and $5.0 billion in retail and other deposits) at June 30, 2016, compared to $10.3 billion ($6.5 billion in brokered deposits and $3.8 billion in retail and other deposits) at June 30, 2015.
For 2016, Sallie Mae projects core earnings per share between $0.51 and $0.52; and private education loan originations of $4.6 billion.
Copyright RTT News/dpa-AFX
Kostenloser Wertpapierhandel auf Smartbroker.de