OneMain Holdings, Inc. reported a pretax income of $207 million and net income of $157 million for the third quarter of 2024. This compares to $246 million and $194 million, respectively, in the prior year quarter. Diluted earnings per share stood at $1.31 for the third quarter of 2024, a decrease from $1.61 in the same period last year.
The company experienced growth in its core business, with managed receivables reaching $24.3 billion as of September 30, 2024, an 11% increase from $21.9 billion a year prior. Consumer loan originations also rose by 13% to $3.7 billion in the third quarter of 2024, up from $3.3 billion in the prior year quarter. Total revenue for the quarter was $1.5 billion, an 8% increase from $1.3 billion in the third quarter of 2023.
Despite revenue growth, interest expense increased by 13% to $299 million, and the provision for finance receivable losses rose by $102 million to $512 million year-over-year. Credit metrics showed some deterioration, with the 30-plus days delinquency ratio at 5.63% and net charge-offs at 7.33% for the quarter, compared to 5.55% and 6.68% respectively in the prior year. The company's share repurchase program was extended to December 31, 2026, and 420 thousand shares were repurchased for $19 million during the quarter.
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