OneMain Holdings, Inc. reported its fourth quarter 2024 results on January 31, 2025, with pretax income of $164 million and net income of $126 million. This compares to $220 million and $165 million, respectively, in the prior year quarter. Earnings per diluted share were $1.05, down from $1.38 in the prior year quarter.
For the full year 2024, net income was $509 million, compared to $641 million in 2023, with diluted EPS of $4.24, down from $5.32. Total revenue for the fourth quarter was $1.5 billion, up 9% from $1.4 billion in the prior year quarter, driven by an 11% increase in interest income to $1.3 billion.
Managed receivables reached $24.7 billion at December 31, 2024, an 11% increase from $22.2 billion in the prior year. Consumer loan originations grew 16% to $3.5 billion. The company declared a quarterly dividend of $1.04 per share and repurchased 75,000 shares for $3 million during the quarter.
Credit trends showed a 30-plus days delinquency ratio of 5.76% and net charge-offs of 7.63% for consumer loans. The provision for finance receivable losses was $523 million, up $77 million year-over-year. Operating expenses increased 10% to $422 million, reflecting receivable growth and strategic investments in data science, technology, and digital capabilities.
OneMain maintained strong liquidity with $458 million of cash and cash equivalents and $7.4 billion of undrawn committed capacity from various facilities. The company's 'front book' of loans, originated under tightened credit posture since August 2022, now constitutes 84% of total receivables, contributing to improving credit trends.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.