SLM - SLM Corporation: Higher Provisioning To Counter Revenue Growth

• The economic recovery will likely boost loan origination, which will, in turn, support the net interest income.
• The margin will likely continue to expand, which will further boost the net interest income.
• The provision expense will likely increase due to an apparently insufficient existing allowance level.
• The December 2022 target price suggests a small upside from the current market price. SLM is not a big dividend payer.

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