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Jun 30, 2023
SLM Q2 2023 Earnings Report
Second quarter GAAP net income attributable to common stock of $261 million, or $1.10 per diluted share.
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.
Forward Guidance
For 2023, Sallie Mae expects 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 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 “Core Earnings” 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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