RESTON, Va. – Student loan giant Sallie Mae, battered by the capital markets’ turmoil the past two years, reported a $309 million fourth quarter net yesterday, pushing it to a profit of $324 million for 2009.
This year’s figures compare to $216 million and $213 million for last year’s fourth quarter and fiscal year, respectively.
The nation’s largest originator of student loans reported improvements in delinquencies, charge-offs and provision for loan losses in the fourth quarter, portending a strong 2010, according to CEO Albert Lord. "The economy presented capital market challenges this year," said Lord. "We enter 2010 with stronger capital, asset quality and liquidity. We will continue to build balance sheet strength in this difficult economy as we begin to grow our earnings again."
At the end of the fourth quarter, Sallie Mae managed $176 billion in student loans, down from $192 billion at the end of 2008.
