The Student Loan Corporation (NYSE:STU) has released the financial results for the first quarter ended March 31, 2010. The company reported a net income of $0.5 million, or 40.02 per share. This shows a decline in the company’s net income which was reported as $7.5 million, or $0.38 per share for the comparable period of 2009. The company attributes the decline due to a higher provision for loan losses, increased funding costs, and a decrease in other income, offsetting a 46% increase in net interest income.
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The company’s Board of Directors has declared a quarterly dividend of 40.35 per share. The company will pay the dividend on June 1, 2010. The record date for the dividend is May 14, 2010.
The Student Loan Corporation is an originator and holder of student loans providing a range of education financing products and services to meet the needs of students, parents, schools and lenders. The majority of the Company’s loans are originated and guaranteed under the Federal Family Education Loan (FFEL) Program, authorized by the United States Department of Education (the Department). The Company, through its trust agreement with Citibank, N.A. (CBNA), also originates, manages and services private education loans. The Company’s portfolio of private education loan products provides it with the ability to offer a full array of student loan products to students and their parents.
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