SLM Corporation (SLMBP) has reported a 21.82 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $70.24 million, or $0.15 a share in the quarter, compared with $89.84 million, or $0.20 a share for the same period last year.
Revenue during the quarter dropped 7.80 percent to $211.56 million from $229.46 million in the previous year period. Net interest income for the quarter rose 30.66 percent over the prior year period to $245.43 million. Non-interest income for the quarter fell 87.01 percent over the last year period to $9.35 million.
Slm Corp has made provision of $43.23 million for loan losses during the quarter, up 42.28 percent from $30.38 million in the same period last year.
Net interest margin improved 7 basis points to 5.55 percent in the quarter from 5.48 percent in the last year period.
"We continue to execute on our mission as we helped 348,000 families make college happen in 2016, originations of high-quality student loans increased again, and our efficiency ratio improved as we saw a healthy return on customer experience investments," said Raymond J. Quinlan, chairman and chief executive officer. "These positive indicators illustrate how Sallie Mae is positioned for continued growth in 2017."
Liabilities outpace assets growth
Total assets stood at $18,533 million as on Dec. 31, 2016, up 21.81 percent compared with $15,214.10 million on Dec. 31, 2015. On the other hand, total liabilities stood at $16,185.94 million as on Dec. 31, 2016, up 23.39 percent from $13,117.78 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $15,137.92 million as on Dec. 31, 2016, up 30.16 percent compared with $11,630.59 million on Dec. 31, 2015. Deposits stood at $13,435.67 million as on Dec. 31, 2016, up 16.96 percent compared with $11,487.71 million on Dec. 31, 2015.
Investments stood at $208.60 million as on Dec. 31, 2016, up 6.76 percent or $13.21 million from year-ago. Shareholders equity stood at $2,347.06 million as on Dec. 31, 2016, up 11.96 percent or $250.74 million from year-ago.
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