Sallie Mae (SLM), formally SLM Corporation, has disclosed 42.29 percent plunge in earnings for the quarter ended Jun. 30, 2014. The company earned $44.13 million or $0.09 a share in the second quarter compared with $76.47 million or $0.17 a share, a year ago. Adjusted earnings per share came in at $0.10, when analysts expected $0.10.

Revenue during the second-quarter declined 19.65 percent to $152.24 million from $189.47 million in the last year period.

Net interest income for the quarter rose 34.56 percent over the prior year period to $144.54 million.

Non-interest income for the quarter fell 90.62 percent over the last year period to $7.70 million.

SLM Corp has made provision of $1.01 million for loan losses during the quarter, compared wtih recovery of $1.02 million in the same period last year.

Total assets stood at $11379.34 million as on Jun. 30, 2014, down 92.95 percent compared with $161,468 million on Jun. 30, 2013.

While total liabilities stood at $9641.08 million as on Jun. 30, 2014, down 93.82 percent from $156,034 million on Jun. 30, 2013.

Equity capital of SLM Corp decreased 68.01 percent to $1738.26 million as on Jun. 30, 2014 compared with $5,434 million on Jun. 30, 2013.

Sallie Mae is the financial services company specializing in education.