Press release
PRA Group Reports Second Quarter 2020 Results
NORFOLK, Va., Aug. 6, 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., Aug. 6, 2020 /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 2020. Net income attributable to PRA Group, Inc. was $57.9 million compared to $18.6 million in the second quarter of 2019. Diluted earnings per share were $1.26 compared to $0.41 in the second quarter of 2019. For the six months ended June 30, 2020, net income attributable to PRA Group, Inc. was $77.0 million, or $1.68 per diluted share, compared to $33.8 million, or $0.74 per diluted share, during the same period in 2019. \nSecond Quarter Highlights\nRecord global cash collections of $509.9 million, an increase of 8%, or 11% on a currency adjusted basis, compared to the second quarter of 2019. Record total revenues of $271.9 million, an increase of 8% compared to the second quarter of 2019. Record income from operations of $111.3 million, an increase of 76% compared to the second quarter of 2019. Cash efficiency ratio of 68.7% during the quarter compared to 60.4% in the second quarter of 2019. Net income of $57.9 million, an increase of 211% compared to the second quarter of 2019. Diluted earnings per share of $1.26, an increase of 207% compared to the second quarter of 2019. Total portfolio purchases of $164.5 million. Estimated Remaining Collections (ERC) of $6.4 billion. \"During June, we continued to see the same collection trends we reported in April and May. Cash collections were particularly strong in the U.S. and helped drive a global record during the second quarter. As discussed on our Q1 2020 conference call, due to various circumstances, we believe U.S. consumers have additional discretionary funds, and many are taking this opportunity to voluntarily resolve their debts. Demonstrating this, U.S. cash collections from PRA's digital channel grew over 90% from Q2 2019. Europe cash collections were similar to those in the second quarter of last year and well ahead of our expectations, so we are pleased with the results there as well,\" said Kevin Stevenson, president and chief executive officer. \"We continue to see delayed investment volumes particularly in Europe but expect that to pick up later in the year as sellers have been moving forward with their sale processes more recently. We also anticipate a wave of charg...