Student Loan Earnings Grow
Student Loan Earnings Grow
STAMFORD (Dow Jones/AP) ââ Student Loan Corp Monday said its second-quarter profit rose nine percent as the companyâs portfolio of student loans grew.
Stamford-based Student Loan reported earnings of $46.1 million, or $2.31 a share, on revenue of $106.5 million. It earned $42.2 million, or $2.11 a share, on revenue of $100.4 million in the same quarter of 2002.
As of June 30, student loan assets were $22.3 billion, up $3 billion, or 16 percent, from last year.
Student Loan Corp said the latest quarterâs profit reflects a $10.4 million charge for faster-than-expected principal prepayments amid historically low interest rates.
Student Loan Corpâs second-quarter return on equity fell to 22.1 percent from 24.1 percent last year.