Yahoo Finance Sallie Mae 4Q profit shrinks 22 percent
Student lender Sallie Mae's 4th-quarter profit drops 22 percent, shares slip
Student lender Sallie Mae said Thursday that its fourth-quarter net income fell 22 percent. But an adjusted profit measure improved, helped by gains on asset sales and as the company set aside less money for loan losses.
The company, formally known as SLM Corp., said that its net income fell to $270 million, or 60 cents per share, from $348 million, or 74 cents per share.
Adjusted profit rose to 61 cents per share from 55 cents per share. Still, analysts polled by FactSet were anticipating a bigger gain, to 71 cents per share.
Shares fell 5.1 percent to $25.75 in after-hours trading.
Sallie Mae, which is preparing to split its consumer banking and education loan management operations, said it will issue its 2014 earnings guidance once the separation plan is complete.
The Newark, Del.-based company also said Thursday that it has appointed Raymond Quinlan, a CIT Group Inc. executive, as its vice chairman. He will become executive chairman of the board and CEO of the publicly traded consumer finance side of the business after the split.
