Consumer Portfolio Services Q2 net income rises 30% on record loan originations
CPSS•Outlook and key details
- Company did not provide specific guidance for future quarters or the full year.
| Metric | Actual |
|---|---|
| Q2 Revenue | $121.40 mln |
| Q2 Net Income | $6.20 mln |
| Q2 Operating Expenses | $112.40 mln |
| Q2 Pretax Profit | $9 mln |
Quarterly results and drivers
- US auto finance firm's Q2 revenue rose 11% yr/yr, net income up 30%
- Company posted record Q2 new contract purchases, up 75% from prior year
- Delinquencies and net charge-offs declined from prior year levels
Result drivers
- Record loan originations - The company said its highest-ever loan origination volume in Q2 drove revenue and earnings growth.
- Credit performance - The company reported lower delinquencies and net charge-offs compared with the prior-year period.
