The following is a summary of the SLM Corporation (SLM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SLM Corporation reported an increase in GAAP diluted EPS of $1.27 in Q1 2024, a rise from $0.47 in the same period in 2023.

• The company noted a 6% increase in loan originations, up to $2.6 billion in Q1 2024.

• Net private education loan charge-offs decreased by 29 basis points from the last quarter of 2023 to $83 million, a figure better than anticipated.

• Though the company recorded a decline in net interest income of 4%, generating $387 million in the first quarter of 2024.

• There was a significant $2.1 billion loan sales execution, contributing to a gain of $143 million.

• SLM Corporation continued with its stock buyback program, purchasing 1.3 million shares at an average cost of $20.32.

Business Progress:

• SLM Corporation showed improved credit metrics during Q1 2024, maintaining a positive trend that had begun in 2023.

• The company successfully reduced delinquency rates from 3.1% in Q1 2023 to 2.7% in Q1 2024.

• There's a plan to sell more loans in 2024, with the volume and timing being guided by market conditions and balance sheet growth targets.

• Due to a key competitor's recent market exit, growth opportunities are anticipated.

• Reaffirmation of the 2024 guidance was done, owing to the positive performance trends.

• The company's focus on its loan modification program resulting in reduced delinquencies.

• With a more programmatic buyback program this year, additional opportunities are expected as the year progresses.

More details: SLM Corp IR

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