Q2 2024 SLM Corp Earnings Call Transcript
Key Points
- SLM Corp (SLM) reported GAAP diluted earnings of $1.11 per share for Q2 2024, slightly up from $1.10 in the same quarter last year.
- Loan originations increased by 6% year-over-year, reaching $491 million in Q2 2024.
- Credit quality of originations improved, with the cosigner rate increasing to 80% and the average FICO score rising to 752.
- The company executed a $1.6 billion loan sale, generating $112 million in gains.
- SLM Corp (SLM) continues to see positive trends in credit performance, with net private education loan charge-offs better than expected.
- The delay in the Department of Education's FAFSA rollout has caused uncertainty and a small decline in application volume.
- Net private education loan charge-offs were $80 million, representing 2.19% of average private education loans in repayment.
- The company expects a lower EPS in the second half of 2024 due to higher provisioning for new originations.
- Non-interest expenses increased by 2% compared to Q2 2023, reaching $159 million.
- The competitive environment remains intense, with aggressive marketing spend from competitors.
Please stand by for streaming text.
Welcome to the Sallie Mae Second Quarter 2024 earnings conference call. (Operator Instructions) And now at this time, I would like to turn things over to Melissa Bronaugh, Head of Investment Investor Relations. Please go ahead, ma'am.
Good evening, and welcome to Sallie Mae's second quarter 2024 earnings call. Is my pleasure to be here today with Jon Witter, our CEO, and Pete Graham, our CFO. After the prepared remarks, we will open the call for questions.
Before we begin, keep in mind, our discussion will contain predictions, expectations and forward-looking statements. Actual results in the future may be materially different from those discussed here digital array of factors. Listeners should refer to the discussion of those factors in the Company's Form 10 Q and other filings with the SEC for Sallie Mae.
These factors include, among others, results of operations, financial condition and our cash flows, as well as any
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