Sallie Mae Reports Third-Quarter 2023 Financial Results

Rhea-AI Summary

Sallie Mae reports third-quarter financial results, with a net income of $25 million and a 4% increase in private education loan originations. They also completed a $1 billion private education loan sale. Full financial results available at www.SallieMae.com/investors.

Positive

• Net income of $25 million
• 4% increase in private education loan originations
• $1 billion private education loan sale

Negative

• None.

Third-Quarter GAAP Net Income Attributable to Common Stock of $25 Million, or $0.11 Per Diluted Share

Private Education Loan Originations Increase 4% from Year-Ago Quarter to $2.5 Billion

Completed Approximately $1 Billion Private Education Loan Sale on October 13, 2023

NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released third-quarter 2023 financial results. Highlights of those results are included in the attached supplement. Complete financial results are available at www.SallieMae.com/investors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231025173444/en/

Sallie Mae will host an earnings conference call tomorrow, October 26, 2023, at 8 a.m. ET. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors and the hosting website.

Participants may also register for the earnings conference call. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Corporate and Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20231025173444/en/

Media

Rick Castellano, 302-451-2541, rick.castellano@salliemae.com

Investors

Melissa Bronaugh, 571-526-2455, melissa.bronaugh@salliemae.com

Source: Sallie Mae

What is Sallie Mae's net income for the third quarter?

Sallie Mae's net income for the third quarter is $25 million.

How much did private education loan originations increase?

Private education loan originations increased by 4%.

What was the value of the private education loan sale?

The private education loan sale was valued at $1 billion.