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Sallie Mae posts higher Q3 core earnings YOY

Sallie Mae reported third-quarter net income attributable to its common stock of $73.3 million, or 17 cents per share, up from $51.6 million, or 12 cents per share, in the year-ago period.

The year-over-year increase was primarily attributable to a $59 million increase in net interest income and a $7 million decrease in income tax expense, offset by a $13 million increase in provisions for credit losses, a $17 million decrease in other income and a $16 million increase in total noninterest expenses.

Core earnings attributable to common stock were $72.4 million, or 17 cents per share, compared with $51.1 million, or 12 cents per share, in the 2016 third quarter.

The S&P Capital IQ consensus normalized EPS estimate for the period was 17 cents.

The private education loan portfolio totaled $16.96 billion as of Sept. 30, compared with $13.73 billion as of Sept. 30, 2016.

Delinquencies as a percentage of private education loans in repayment were 2.6%, compared with 2.0% a year ago. The company originated private education loans of $1.9 billion during the quarter.

Deposits totaled $15.0 billion as of Sept. 30, up from $12.9 billion as of Sept. 30, 2016.

For the full year, Sallie Mae expects core EPS of 72 cents. Previous guidance was for EPS of between 71 cents and 72 cents. The company expects private originations of $4.8 billion for the year.

The S&P Capital IQ consensus normalized EPS estimate for the year is 72 cents.