Advanta reported Tuesday that third quarter net income for its business cards was $10.6 million, a 21% increase over the second quarter. Advanta ended the third quarter with managed business card receivables of $2.0 billion as compared to $1.9 billion at June 30, and $1.5 billion one year ago. Advanta says its margin improved during the quarter as a result of the favorable interest rate environment, which more than compensated for a slight decline in fee income and an anticipated increase in charge-offs. The over 30 day delinquency rate for 3Q was 5.92% compared to 4.32% for 3Q/00. Charge-offs soared from 4.83% to 7.90% over the same period. Overall, Advanta reported a net loss for the quarter of $41.7 million due its venture capital portfolio. The company is also embroiled in litigation with J.P. Morgan Chase over the sale of more than $1 billion in mortgage assets. Chase claims Advanta overstated the value. For complete details on Advanta’s 3Q/01 and previous performance please visit CardData ([www.carddata.com]).