Sallie Mae Q1 Profit Beats Estimates By $0.03 - Quick Facts

(RTTNews) - Sallie Mae (SLM) reported first-quarter core earnings attributable to common stock of $61 million or $0.14 per share in the first-quarter 2016, up from $41 million or $0.10 per share, in the year-ago quarter. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.11 for the quarter. Analysts' estimates typically exclude special items.

The company reported GAAP net income attributable to common stock of $61 million or $0.14 per share, up from $43 million or $0.10 per share, in the year-ago quarter. The company said the year-over-year increase was primarily attributable to a $39 million increase in net interest income and a $13 million increase in other income that included a one-time $10 million change in reserve estimates related to Upromise rewards business, and was offset by a $16 million increase in provisions for credit losses, a $7 million increase in total expenses, and a $7 million increase in income tax expense.

Net interest income increased 23 Percent to $210 million from prior year. Analysts expected revenue of $204.86 million, for the quarter.