Sallie Mae Revenue from Collections Up 61% in Second Quarter

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00019162-sallie-mae-revenue-from-collections-up-61/

by Patrick Lunsford CollectionIndustry.com

Sallie Mae (NYSE: SLM) released earnings today for the second quarter and first half of 2006. Included in the statement was a breakdown of operating units, including collections.

The collections operations for Sallie Mae brought in $67.3 million dollars in the second quarter, up 19% from the first quarter?s total of $56.7 million, and up 61% from the second quarter of 2005. For the first six months of 2006, collections have contributed $124 million in revenue, compared to the $76.7 million brought in over the first six months last year.

Sallie Mae has made a string of acquisitions in the collection industry over the past several years, the last of which was obtaining a majority stake in Arrow Financial in late 2004. The acquisitions have positioned Sallie Mae as one of the largest collection agencies in the country.

Sallie Mae Revenue from Collections Up 61% in Second Quarter

Unknown Author

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