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US: Navient announces quarterly profit

Student loans servicing and collecting company Navient has announced GAAP net income of $180 million for the second quarter of 2022, compared to $185 million reported for Q2 2021.

The company originated $420 million of private education loans in the quarter.

Navient president and chief executive Jack Remondi said: “We saw strength in net interest income, credit performance, fee revenue, and operating expense, even as loan demand declined and interest rates rose. Our financial performance is the result of our ongoing efforts to leverage our strengths and reduce our risk.”

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