SLM Q2 2023 Earnings Report
Key Takeaways
Sallie Mae reported strong second-quarter results driven by a focus on maximizing the profitability of its core business. The company executed a successful loan sale and share buyback, and continued to innovate with the transaction with Scholly.
GAAP net income was $265 million, down 23% year-over-year.
Net interest income was $387 million, up 7% year-over-year.
Private education loan originations were $651 million, up 6% year-over-year.
The company repurchased 16 million shares of common stock in the second quarter of 2023.
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SLM Revenue by Segment
Forward Guidance
For 2023, Sallie Mae expects full-year diluted non-GAAP āCore Earningsā per common share of $2.50 - $2.70, full-year Private Education Loan originations year-over-year growth of 5% - 6%, full-year total loan portfolio net charge-offs of $345 million - $385 million, and full-year non-interest expenses of $610 million - $620 million.
Positive Outlook
- Full-year diluted non-GAAP āCore Earningsā per common share of $2.50 - $2.70.
- Full-year Private Education Loan originations year-over-year growth of 5% - 6%.
- Full-year total loan portfolio net charge-offs of $345 million - $385 million.
- Full-year non-interest expenses of $610 million - $620 million.