SLM Corporation (SLM) has reported a 44.04 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $94.94 million, or $0.20 a share in the quarter, compared with $65.92 million, or $0.14 a share for the same period last year.
Revenue during the quarter grew 25.67 percent to $248.75 million from $197.94 million in the previous year period. Net interest income for the quarter rose 27.74 percent over the prior year period to $268.08 million. Non-interest income for the quarter fell 71.13 percent over the last year period to $5.97 million.
SLM Corporation has made provision of $25.30 million for loan losses during the quarter, down 22.41 percent from $32.60 million in the same period last year.
"Since the spin off nearly three full years ago, we have made a meaningful shift toward becoming a consumer bank," said Raymond J. Quinlan, chairman and chief executive officer. "I am gratified by the ongoing results of that effort: disciplined compliance management has cultivated strong working relationships with our regulators, and high credit quality in originations has translated into customer success in repayment. I applaud our 1,347 employees and their commitment to providing our customers with the best possible experience from application through repayment. Through their exemplary efforts, we have put past regulatory orders behind us and made our customers the center of our efforts."
For fiscal year 2017, SLM Corporation expects diluted core earnings per share to be in the range of $0.70 to $0.72.
Liabilities outpace assets growth
Total assets stood at $19,236.50 million as on Mar. 31, 2017, up 25.53 percent compared with $15,324.77 million on Mar. 31, 2016. On the other hand, total liabilities stood at $16,801.14 million as on Mar. 31, 2017, up 27.47 percent from $13,180.85 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $16,562.21 million as on Mar. 31, 2017, up 26.35 percent compared with $13,108.42 million on Mar. 31, 2016. Deposits stood at $13,361.87 million as on Mar. 31, 2017, up 15.75 percent compared with $11,543.36 million on Mar. 31, 2016.
Investments stood at $216.90 million as on Mar. 31, 2017, up 6.53 percent or $13.30 million from year-ago. Shareholders equity stood at $2,435.36 million as on Mar. 31, 2017, up 13.59 percent or $291.43 million from year-ago.
Tier-1 leverage ratio stood at 11.20 percent for the quarter.
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