Atlanta-based sub-prime card specialist, CompuCredit, reported net income for the second quarter of $28 million, down 8% from the prior quarter and less than half of the $66.5 million profit posted in 2Q/05. However, last year’s second quarter included a $44 million gain on the sale of previously charged-off receivables. The adjusted charge-off rate was 8.% in the second quarter, as compared to 8.0% for the second quarter of 2005 and 7.1% in the previous quarter. The 60+ day delinquency rate was 11.5%, as compared to 8.3% for 2Q/05 and 10.6% in the prior quarter. Total managed receivables for the second quarter were $2,669,120,000 a 13% increase compared to one-year ago. As of June 30th, CompuCredit had 3,989,000 accounts, compared to 3,092,000 in 2Q/05. For complete details on CompuCredit’s second quarter performance, visit CardData ([www.carddata.com]).
COMPUCREDIT NET INCOME SNAPSHOT
2Q/05: $66.5 million
3Q/05: $52.7 million
4Q/05: $ 3.0 million
1Q/06: $30.7 million
2Q/06: $28.3 million
Source: CardData (www.carddata.com)