Student Loan 2Q earnings $2.10 a share on larger loan loss reserves

Fri. July 18, 2008; Posted: 08:22 AM

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NEW YORK, Jul 18, 2008 (Thomson Financial via COMTEX) -- STU | Quote | Chart | News | PowerRating -- Student Loan Corp. Friday reported second-quarter earnings fell to $42 million, or $2.10 a share, from $71 million, or $3.53 a share, a year earlier.

The decrease was primarily driven by a $26 million increase in the provision for loan losses, largely attributable to increased reserves associated with losses inherent in the higher-risk, uninsured segment of the private education loan portfolio, the company said.

Net interest income rose to $119.4 million from $102.9 million a year earlier.

Student Loan shares closed at $112 on Thursday. Christie Rizk cr/pc

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For full details on Student Loan Corp (STU) click here. Student Loan Corp (STU) has Short Term PowerRatings of 5. Details on Student Loan Corp (STU) Short Term PowerRatings is available at This Link.

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