Sallie Mae Q4 Profit Falls

(RTTNews) - SLM Corp. (SLM), commonly known as Sallie Mae, reported fourth quarter net income of $19.7 million or $0.03 per share, compared to $60.2 million or $0.14 per share for the year-ago quarter.

Core earnings for the quarter were $19.8 million or $0.03 per share, compared to $60.5 million or $0.14 per share in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net interest income for the fourth quarter rose 23% to $150.7 million from $122.2 million a year earlier, while non-interest income fell to $12.3 million from $79.4 million last year.

Loan originations increased 7% to $557 million in the fourth quarter.

Looking forward, the company forecasts 2015 core earnings in the range of $0.48 to $0.50 per share. Analysts currently expect the company to earn $0.62 er share for the full year 2015.