Sallie Mae Q1 Profit Surges; Withdraws 2020 Guidance

(RTTNews) - Sallie Mae (SLM), formally SLM Corp., reported that its first-quarter net income attributable to common stock was $358.71 million or $0.87 per share, compared to $153.72 million or $0.35 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share. Analysts' estimates typically exclude special items.

In the first quarter of 2020, the company recognized a $239 million gain from the sale of $3.1 billion in principal and $12 million in accrued interest of Private Education Loans to unaffiliated third parties.

Net interest income declined to $400.12 million from $402.28 million last year.

But, total non-interest income surged to $292.09 million from $16.14 million in the prior year.

The company has withdrawn guidance for 2020, due to the economic uncertainties caused by the COVID-19 pandemic.