Sallie Mae Q1 Profit Misses Estimate

(RTTNews) - SLM Corp. (SLM), commonly known as Sallie Mae, reported net income for the first quarter of $279 million or $0.64 per share, compared to $341 million or $0.74 per share for the year-ago quarter.

Core earnings for the quarter were $227 million or $0.51 per share, compared to $283 million or $0.61 per share in the prior year quarter.

Net interest income for the first quarter fell to $766 million from $795 million a year ago. Provision for loan losses for the quarter was $185 million, compared to $241 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.55 per share for the first quarter. Analysts' estimates typically exclude special items.