Advanta reported second quarter net income of $4.0 million, compared to $22.2 million for the prior year quarter. The drop was related to a significant increase in provisions for credit losses.
Managed and owned net credit loss rates for the quarter were 8.38% and 8.87%, respectively. At the end of the quarter, managed and owned receivables totaled $6.1 billion and $851 million, respectively. Consistent with the Companyâs prior comments about new customer expectations, the Company added about 26,000 new customers in the quarter. Customer transaction volume totaled $3.5 billion of which almost 90% related to merchandise sales activity. For complete details on Advanta’s second quarter performance, visit CardData ([www.carddata.com](http://www.carddata.com)).
ADVANTA’S CARD PORTFOLIO SNAPSHOT
Period Card Loans
2Q/07: $5.99 billion
3Q/07: $6.21 billion
4Q/07: $6.35 billion
1Q/08: $6.35 billion
2Q/08: $6.33 billion
Source: CardData (www.carddata.com)