SLM Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reports Net Charge Offs for the Fourth Quarter 2018
January 23, 2019 at 04:30 pm
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SLM Corporation announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2018. For the quarter, the company's net interest income was $382,867,000 against $309,191,000 for the same period a year ago. Net income was $147,512,000 against $47,003,000 for the same period a year ago. Basic earnings per common share attributable to the company were $0.33 against $0.10 for the same period a year ago. Total interest income was $538,213,000 against $399,496,000 for the same period a year ago.
For the year, the company's net interest income was $1,413,064,000 against $1,129,221,000 for the same period a year ago. Net income was $487,476,000 against $288,934,000 for the same period a year ago. Basic earnings per common share attributable to the company were $1.08 against $0.63 for the same period a year ago. Diluted earnings per common share attributable to the company were $1.07 against $0.62 for the same period a year ago. Total interest income was $1,935,352,000 against $1,437,303,000 for the same period a year ago.
For the quarter, the company's net charge offs were $45,098,000 against $32,035,000 for the same period a year ago.
SLM Corporation is a holding company, which operates through various subsidiaries and is a financial brand for higher education. The Companyâs primary business is to originate and service loans it makes to students and their families to finance the cost of their education. It also offers a range of deposit products insured by the Federal Deposit Insurance Corporation. Its primary private education loan product is the Smart Option Student Loan, which emphasizes in-school payment features that can produce shorter terms and reduce customersâ total finance charges. Smart Option Student Loan generally runs for six months after the borrower separates from school but can run for up to 36 months for a small subset of graduate loans. It also offers six loan products for specific graduate programs of study. These include the Sallie Mae Law School Loan, the Sallie Mae MBA Loan, the Sallie Mae Graduate School Loan for Health Professions, the Sallie Mae Medical School Loan, and others.
SLM Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reports Net Charge Offs for the Fourth Quarter 2018