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Jun 30, 2022
SLM Q2 2022 Earnings Report
Reported strong second-quarter results driven by a gain on sale of private education loans and positive trends in college enrollment and originations.
Key Takeaways
Sallie Mae reported a strong second quarter with GAAP net income of $340 million, up 144% year-over-year. The results were driven by a $240 million gain on the sale of $2.1 billion in private education loans. The company is raising its originations expectations and updating EPS and charge-off guidance.
GAAP net income of $342 million, up 144%, driven by a $240 million gain on sale of $2.1 billion private education loans.
Net interest income of $363 million, up 7%.
Private education loan originations of $616 million, up 16%.
Repurchased 20 million shares of common stock for $360 million.
Forward Guidance
For 2022, Sallie Mae expects diluted non-GAAP “Core Earnings” per common share of $2.50 - $2.70, Private Education Loan originations year-over-year growth of 9% - 11%, total loan portfolio net charge-offs of $325 million - $345 million, and non-interest expenses of $555 million - $565 million.
Positive Outlook
- Full-year diluted non-GAAP “Core Earnings” per common share of $2.50 - $2.70.
- Full-year Private Education Loan originations year-over-year growth of 9% - 11%.
- Full-year total loan portfolio net charge-offs of $325 million - $345 million.
- Full-year non-interest expenses of $555 million - $565 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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