Press release
PRA Group Reports Fourth Quarter and Full Year 2019 Results
NORFOLK, Va., Feb. 27, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported
About this update from Pra Group, Inc.
[{"type":"text","content":"NORFOLK, Va., Feb. 27, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter and full year of 2019. Net income attributable to PRA Group, Inc. was $27.3 million compared to $14.9 million in the fourth quarter of 2018. Diluted earnings per share were $0.60 compared to $0.33 in the fourth quarter of 2018. For the year ended December 31, 2019, net income attributable to PRA Group, Inc. was $86.2 million, or $1.89 in diluted earnings per share, compared to $65.6 million, or $1.44 in diluted earnings per share, during the year ended December 31, 2018.\nFourth Quarter Highlights\nGlobal cash collections of $456.6 million, an increase of 13%, or 14% on a currency adjusted basis, compared to the fourth quarter of 2018. Record Estimated Remaining Collections (ERC) of $6.8 billion, an increase of $611.1 million, or 10%, compared to the fourth quarter of 2018. Total portfolio purchases for the quarter of $402.3 million. Income recognized on finance receivables of $262.8 million, an increase of 14% compared to the fourth quarter of 2018. Income from operations of $70.8 million, an increase of 120% compared to the fourth quarter of 2018. Cash efficiency ratio of 59.7% during the quarter compared to 55.0% in the fourth quarter of 2018. Full Year 2019 Highlights\nRecord global cash collections of $1.8 billion, an increase of 13% compared to the full year of 2018. Record portfolio purchases of $1.2 billion, excluding business acquisitions, an increase of 11% compared to the full year of 2018. Record total revenues breaking $1.0 billion for the first time, an increase of 12% compared to the full year of 2018. Cash efficiency ratio of 59.9% compared to 58.0% for the full year of 2018. \"2019 was a year that demonstrated what our focus on the long-term can deliver. In the Americas, we continued to reap the benefits of our investment in the legal collections channel, the change in ownership in Brazil and the acquisition in Canada. In Europe, our patience and discipline placed us in a unique competitive position to drive record portfolio purchases,\" said Kevin Stevenson, president and chief executive officer. \"Our willingness to invest in people, digital, data, and legal over the past few years prepared us to capitalize on th...