OneMain Holdings, Inc. reported its third quarter 2024 results on October 30, 2024, with pretax income of $207 million and net income of $157 million. This compares to $246 million and $194 million, respectively, in the prior year quarter. Earnings per diluted share were $1.31, down from $1.61 in the prior year quarter.
The company's total revenue for the third quarter of 2024 was $1.5 billion, an 8% increase from $1.3 billion in the prior year quarter, driven by higher average net finance receivables. Managed receivables reached $24.3 billion, up 11% from $21.9 billion at September 30, 2023, while consumer loan originations grew 13% to $3.7 billion.
Credit trends showed a 30-plus days delinquency ratio of 5.63% and net charge-offs of 7.33% for consumer loans. The provision for finance receivable losses increased by $102 million year-over-year to $512 million. OneMain also declared a quarterly dividend of $1.04 per share, payable on November 18, 2024, and extended its share repurchase program to December 31, 2026, repurchasing 420,000 shares for $19 million during the quarter.
Operating expenses for the quarter were $396 million, up 6% from the prior year, reflecting investments in the business and the Foursight acquisition. The company maintained strong liquidity with $577 million of cash and cash equivalents and significant undrawn committed capacity from various facilities, totaling $8.1 billion.
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