Sallie Mae reports higher earnings

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Sallie Mae reported higher earnings in the third quarter.

Net income for the third quarter was $128 million, compared to $104 million during the same period a year earlier.

Sallie Mae shares remained unchanged in Wednesday trading at $9.05 a share

Zacks reported earnings exceeded forecasts.

Private education loan originations increased six percent from the year-ago quarter to $2.2 billion. The private education loan portfolio totals $22.9 billion, up 14 percent from the same quarter a year ago.

We are proud to help customers invest in themselves by responsibly borrowing to finance their education, the proven pathway to economic mobility,” said Raymond J. Quinlan, Chairman and CEO. “Amid a competitive environment, we had a great back-to-school loan processing season, demonstrating once again that Sallie Mae is the partner families choose as they continue their path to building their prosperous futures, said Raymond J. Quinlan, CEO, Sallie Mae

Sallie Mae is based near Newark.

See the full release below.

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