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Navient posts lower net income YOY in Q2

Navient Corp.reported second-quarter GAAP net income attributable to the company of $125 million,or 38 cents per share, down from $182 million, or 47 cents per share, in the prior-yearquarter.

Second-quarter core earnings attributable to the company were$154 million, or 47 cents per share, compared with $154 million, or 40 cents pershare, in the prior-year period.

The increase in core EPS was primarily the result of an $88 millionreduction in the provision for loan losses and common share repurchases, partiallyoffset by a $44 million reduction in net interest income and a $35 million decreasein servicing revenue. Core EPS for both periods exclude regulatory-related costsof $4 million.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 44 cents.

The company acquired $623 million of Federal Family EducationLoan Program loans during the second quarter. As of June 30, Navient held $92.6billion of FFELP loans and $24.7 billion of private education loans.

Interest income from FFELP loans was $618 million for the quarter,compared with $626 million in the year-ago period. Interest income from privateeducation loans was $402 million, down from $434 million in the prior-year quarter.

Total delinquency rate for the FFELP segment was 13.2% for thequarter, compared with 15.8% in the prior-year period. The private education loansegment had a total delinquency rate of 6.1%, down from 6.8% in the second quarterof 2015.

Navient repurchased 13.6 million common shares for $175 millionin the second quarter. As of June 30, the remaining repurchase authority was $380million.