Sallie Mae Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 16, 2014 at 05:54 pm EST
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Sallie Mae reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the fourth-quarter 2013, net income attributable to SLM Corporation common stock was $265 million or $0.60 diluted earnings per share, compared with income attributable to SLM Corporation common stock of $343 million or $0.74 diluted earnings per share for the year-ago quarter. Net income from continuing operations was $211 million or $0.47 diluted earnings per share from continuing operations against $348 million or $0.75 diluted earnings per share from continuing operations of prior year period. Net interest income after provisions for loan losses was $599 million against $518 million of prior year period. Return on assets was 0.70% against 0.79% of prior year period.
For 2013, net income attributable to SLM Corporation common stock was $1.4 billion or $3.12 diluted earnings per share, compared with income attributable to SLM Corporation common stock of $919 million or $1.90 diluted earnings per share for 2012. Net income from continuing operations was $1,311 million or $2.89 diluted earnings per share from continuing operations against $939 million or $1.90 diluted earnings per share from continuing operations of prior year. Net interest income after provisions for loan losses was $2,328 million against $2,128 million of prior year. Return on assets was 0.89% against 0.52% of prior year period.
SLM Corporation is a holding company, which operates through various subsidiaries and is a financial brand for higher education. The Companyâs primary business is to originate and service loans it makes to students and their families to finance the cost of their education. It also offers a range of deposit products insured by the Federal Deposit Insurance Corporation. Its primary private education loan product is the Smart Option Student Loan, which emphasizes in-school payment features that can produce shorter terms and reduce customersâ total finance charges. Smart Option Student Loan generally runs for six months after the borrower separates from school but can run for up to 36 months for a small subset of graduate loans. It also offers six loan products for specific graduate programs of study. These include the Sallie Mae Law School Loan, the Sallie Mae MBA Loan, the Sallie Mae Graduate School Loan for Health Professions, the Sallie Mae Medical School Loan, and others.