PRA Group Q3 net income returns to profit as portfolio income rises
PRAA•PRA Group reported Q3 net income attributable to the company of $15 million. Portfolio income rose 5% year over year, while portfolio revenue fell 8%.
PRAA•PRAA•PRAA•PRA Group reported Q3 net income attributable to the company of $15 million. Portfolio income rose 5% year over year, while portfolio revenue fell 8%.
PRA Group’s Q3 portfolio income increased 5% year over year, driven by recent purchases in Europe. Portfolio revenue fell 8% as lower changes in expected recoveries offset the portfolio income gains, and net income attributable to the company was $15 million.
Growth in U.S. legal, digital and Europe cash collections helped offset declines elsewhere. The company has $438 million in forward flow commitments over the next 12 months and said it expects technology and legal investments to strengthen the business in coming years.
