Beneficial Corp. had second-quarter net chargeoffs of $67.8 million, up sharply from the previous year but in line with a first-quarter figure of $69.5 million.
The Wilmington, Del., company, one of the biggest mortgage lenders to people with tarnished credit, wrote off $43.1 million in loans in second quarter 1995.
The year-to-year increase "reflects a greater proportion of unsecured loans in the portfolio," and some maturing of the company's private-label credit card portfolio, said chairman Finn M.W. Caspersen.
Though "inherent credit quality remains strong," the company did boost its loan-loss reserves by $14 million during the second quarter over the year-earlier period, Mr. Caspersen said.