Encore Capital Reports Net Income of $23.2M for Q1Friday, May 9, 2014
Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported first quarter revenue of $253.7 million, up 75 percent from the like quarter of 2013.
Net income for the quarter was $23.2 million, compared with $19.4 million for the like quarter of last year.
Gross collections increased 47 percent to $396.7 million.
The company said it invested $467.6 million to purchase $4.3 billion in face value debt during the quarter, compared with spending nearly $59 million to buy about $1.6 billion in debt in the like period of last year.
Last month, Encore closed the acquisition of Grove Holdings, parent of Grove Capital Management, which manages consumer nonperforming loans in the United Kingdom.