SLM reports Q1 EPS 47c, consensus 35c

Reports Q1 Net interest income $405M vs. $375M last year. Provision for credit losses in the first quarter of 2023 was $114M, compared with $98M in the year-ago quarter. Reports Q1: net interest margin 5.70%, up 41bps, Private education loan originations of $2.4 billion, up 12%, Average private education loans outstanding, net, of $21.8 billion, down less than 1%, Private education loan provisions for credit losses, including amounts for unfunded commitments, was $113 million, compared with a provision of $98 million in the year-ago period.