Advanta Corp. reported second quarter 2007 net income from continuing operations of $0.51 per diluted share for Class A and Class B shares combined. This is $0.03 per share higher than the first quarter. It includes a $0.01 per share asset valuation gain associated with the Company’s venture capital portfolio.
“The powerful dynamics we have described in the business are once again demonstrated by the performance in the quarter,” said Dennis Alter, Chairman and CEO.
Ending managed receivables grew to $6.0 billion at quarter end with ending owned receivables totaling $1.1 billion. During the quarter, 103,000 new customers were added and transaction volume increased to $3.7 billion. The managed net credit loss rate was 3.48% and the owned net credit loss rate was 3.06%.
Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiate the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com.
For complete details on Advanta’s latest performance visit CardData ([www.carddata.com]).