OneMain Holdings, Inc. (OMF) has reported 75.91 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $33 million, or $0.25 a share in the quarter, compared with $137 million, or $1.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $103 million, or $0.76 a share compared with $126 million or $0.94 a share, a year ago. Revenue during the quarter plunged 36.29 percent to $453 million from $711 million in the previous year period. Net interest income for the quarter dropped 7.93 percent over the prior year period to $557 million. Non-interest income for the quarter fell 53.47 percent over the last year period to $141 million.
OneMain Holdings, Inc. has made provision of $245 million for loan losses during the quarter, up 24.37 percent from $197 million in the same period last year.
Jay Levine, president and chief executive officer of OneMain Holdings, Inc. said, "I am pleased with our performance this quarter. The year is off to a solid start, and we look forward to achieving our growth, return, and leverage objectives for the year as we continue to add new customers and execute on our objectives."
Investments stood at $1,755 million as on Mar. 31, 2017. Shareholders equity was at $3,105 million as on Mar. 31, 2017.
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