Press release
PRA Group Reports Second Quarter 2019 Results
NORFOLK, Va., Aug. 8, 2019 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its
About this update from Pra Group, Inc.
[{"type":"text","content":"NORFOLK, Va., Aug. 8, 2019 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2019. Net income attributable to PRA Group, Inc. was $18.6 million compared to $19.6 million in the second quarter of 2018. Diluted earnings per share were $0.41 compared to $0.43 in the second quarter of 2018. For the six months ended June 30, 2019, net income attributable to PRA Group, Inc. was $33.8 million, or diluted earnings per share of $0.74, compared to $40.7 million, or diluted earnings per share of $0.90, during the same period in 2018. \nSecond Quarter Highlights\nRecord global cash collections of $470.3 million increased 16%, or 18% on a currency adjusted basis, compared to the second quarter of 2018. This growth was primarily driven by a 39% increase in U.S. legal cash collections and a 12% increase in U.S. call center and other cash collections. Record Estimated Remaining Collections (ERC) of $6.4 billion which increased $146.6 million from the first quarter of 2019. Total investment for the quarter of $289.1 million, a 31% increase compared to the second quarter of 2018 driven largely by investment in Europe. Record income recognized on finance receivables of $249.2 million compared to $219.0 million in the second quarter of 2018, contributing to record total revenues of $252.1 million. Net operating income of $63.4 million, an increase of 15% compared to the second quarter of 2018. \"Dedication to our founding principles and investing for the long term continues to generate record results for PRA Group. U.S. legal channel cash collections increased nearly 40% from the second quarter of 2018 and the investments we have made over the last year are delivering returns in line with our historical experience but with significantly higher volumes. Our Core businesses globally are benefitting from operational improvements that are both technology-based, such as the digital channel, and personnel based, with productivity improvements,\" said Kevin Stevenson, president and chief executive officer. \"Our patient and rational approach to the European market is paying off as the pricing environment appears to have shifted in certain geographies. We have invested significant amounts in the European market in the last two quart...