Navient reports Q3 core EPS (84c) vs. $1.45 last year

GAAP and core EPS includes: $168M provision for loan losses. Of the $168M, $17Mrelates to originations with the remaining $151M a result of elevated delinquency balances, its forecasted macroeconomic outlook as well as the extension of the FFELP portfolio. “Our third quarter results emphatically demonstrate our ability to drive high-quality loan growth. We are winning new customers – primarily graduate students – by offering flexible products and a customer experience that meets their needs and exceeds their expectations,” said David Yowan, president and CEO of Navient (NAVI). “We will exceed our ambitious multi-year expense reduction targets on an accelerated timeline. This momentum, combined with greater operating efficiency, positions us well to take advantage of new and expanded opportunities.”