PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2018.
Net income attributable to PRA Group, Inc. was $9.9 million compared to $15.6 million in the third quarter of 2017. Diluted earnings per share were $0.22 compared to $0.34 in the third quarter of 2017. For the nine months ended September 30, 2018, net income attributable to PRA Group, Inc. was $50.6 million, or $1.11 in diluted earnings per share, compared to $75.4 million, or $1.64 in diluted earnings per share, during the nine months ended Continued healthy supply in the U.S. allowed for the second highest quarterly investment in Americas Core portfolios of $170.4 million. Total investment for the quarter was $237.5 million compared to $210.9 The Company invested more than originally anticipated in the legal collections channel during the third quarter, increasing U.S. legal collection expenses by $14.6 million compared to the third quarter of 2017. Global cash collections of $389.3 million, an increase of 2% compared to the third quarter of 2017, driven by a 12% increase in U.S. call center collections and an 11% increase in U.S. legal cash collections. Additionally, we invested significant amounts in the U.S. legal collections channel and are ahead of our original projections. Based on this, it is possible we will start to see the legal cash collection portion of the more recent vintages realized earlier than previously expected which could have a positive impact on yields in the future, said Kevin Stevenson, president and chief executive officer. This continues the trend of the past couple of years which have been a story of investment in people, digital, data and legal. These investments are designed to build long-term sustainable value for our shareholders and allow us to be poised for action in each of our markets. …
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Source: US SEC
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