Navient Corp. reported third-quarter GAAP net income attributable to the company of $176 million, or 64 cents per share, compared with $230 million, or 73 cents per share, the previous year.
Core earnings were $152 million, or 55 cents per share, versus $157 million, or 50 cents per share, in the year-ago period.
The S&P Capital IQ consensus normalized EPS estimate for the period was 50 cents.
The increase in core EPS was primarily the result of a $57 million increase in fee revenue and fewer shares outstanding, the company said.
Navient acquired $523 million of Federal Family Education Loan Program loans in the period and $125 million of private education loans. As of Sept. 30, the company held $83.92 billion of FFELP loans and $23.42 billion of private education loans.
Interest income from the FFELP loans was $681 million, versus $631 million in the prior-year quarter. Interest income from private education loans was $445 million, compared with $401 million in the previous year.
The total delinquency rate for the FFELP loan segment was 12.2%, compared with 11.3% the year before. The rate for the private loan segment was 5.7%, versus 6.9% in the 2016 third quarter.