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- **Revenue & Credit Excellence**: 6.4% originations growth, cosigner rate 95%, FICO 756, net charge-offs 1.95%.
- **Strategic Momentum**: $1.9B loan sale, 55% share buyback, new private credit partnership to unlock $4-5B annual origination growth.
- **Financial Strength**: 5.18% NIM, 15.8% liquidity, 80%+ mod borrowers paying consistently.
- **Long-Term Vision**: PLUS reform driving 6%+ origination growth, alternative funding models for capital-light expansion.

**【CEO Summary Section】**
- **Revenue Growth**: GAAP diluted EPS of $0.63 per share, with loan originations up 6.4% YoY to $2.9B.
- **Credit Quality**: Cosigner rate improved to 95%, FICO score at 756, and net charge-offs at 1.95%, down 13 bps YoY.
- **Strategic Actions**: Completed $1.9B loan sale, repurchased 5.6M shares (55% reduction since 2020), and announced new private credit partnership.
- **Long-Term Outlook**: Optimistic on PLUS reform and alternative funding models, targeting 6%+ origination growth.

**【CFO Financial Commentary】**
- **Net Interest Income**: $373M (up $14M YoY), NIM 5.18% (18 bps YoY expansion).
- **Credit Metrics**: Provision for credit losses $179M (down $92M YoY), delinquency 4% (30+ days) stable vs. prior quarter.
- **Cost Efficiency**: Noninterest expenses $180M (aligned with full-year outlook), liquidity ratio 15.8%.
- **Portfolio Management**: 80%+ of mod borrowers consistently paying, 25 bps delinquency attributed to stricter mod eligibility.

**【Q&A Key Highlights】**
- **Credit Stability**: Delinquency trends explained by mod policy change, roll rates stable despite seasonal peak.
- **Partnership Clarity**: Designated held-for-sale loans to reduce CECL, 2025 EPS guidance updated to $3.20-$3.30.
- **Growth Drivers**: Grad originations +11% YoY, PLUS reform to unlock $4-5B annual origination growth.
- **Capital Allocation**: Buyback appetite contingent on partnership close, 7%+ ROE target.
- **Risk Management**: 1.95% net charge-offs vs. 2.1% long-term, alternative credit models to diversify risk.

SLM Corporation (SLM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SLM

SLM fundamentals

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