NAVIENT (NAVI) has reported a 51.38 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $88 million, or $0.30 a share in the quarter, compared with $181 million, or $0.53 a share for the same period last year.
Revenue during the quarter dropped 28.04 percent to $385 million from $535 million in the previous year period. Net interest income for the quarter dropped 30.04 percent over the prior year period to $340 million. Non-interest income for the quarter fell 5 percent over the last year period to $152 million.
NAVIENT has made provision of $107 million for loan losses during the quarter, down 3.60 percent from $111 million in the same period last year.
"With the acquisition of nearly $7 billion of education loans, we again demonstrate our capability to successfully execute large, complex transactions for the benefit of our customers and shareholders," said Jack Remondi, president and chief executive officer, Navient. "This transaction, combined with new business processing solutions contracts in the quarter, delivers on our business strategy to add significant assets to our portfolio and grow our fee businesses."
Shareholders equity was at $3,672 million as on Mar. 31, 2017.
Return on assets moved down 26 basis points to 0.31 percent in the quarter from 0.57 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
