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Dec 31, 2023
SLM Q4 2023 Earnings Report
Sallie Mae reported strong fourth-quarter results, driven by an increase in net income and strategic execution.
Key Takeaways
Sallie Mae reported a GAAP net income attributable to common stock of $164 million, or $0.72 per diluted share, for the fourth quarter of 2023. Private education loan originations reached $839 million, up 2% year-over-year. The company's board approved a new $650 million share repurchase program, reflecting a commitment to shareholder returns.
GAAP net income increased by 319% to $168 million.
Net interest income rose by 1% to $386 million.
Private education loan originations grew by 2% to $839 million.
Private education loan net charge-offs decreased from 3.15% to 2.43%.
Forward Guidance
For 2024, Sallie Mae expects full-year diluted Non-GAAP “Core Earnings” per common share of $2.60 - $2.70, full-year Private Education Loan originations year-over-year growth of 7% - 8%, full-year total loan portfolio net charge-offs of $340 million - $370 million, or 2.2% - 2.4% of average loans in repayment, and full-year non-interest expenses of $635 million - $655 million.
Positive Outlook
- Full-year diluted Non-GAAP “Core Earnings” per common share of $2.60 - $2.70.
- Full-year Private Education Loan originations year-over-year growth of 7% - 8%.
- Full-year total loan portfolio net charge-offs of $340 million - $370 million.
- Full-year total loan portfolio net charge-offs of 2.2% - 2.4% of average loans in repayment.
- Full-year non-interest expenses of $635 million - $655 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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