HORSHAM, Pa. -- Advanta Corp., the Horsham, Pa.-based credit card company, reported net income of $25.8 million for the second quarter.
That figure, which translates into 63 cents per share, is 39% higher than the $18.5 million earned during the second quarter of 1993.
Operating revenues for the second quarter rose 27% to $97.7 million, not counting an $18.4-million gain on the sale of credit card relationships.
Richard Greenawalt, president and chief operating officer, cited the sale of $150 million worth of credit card relationships for giving the company the flexibility to fund marketing initiatives.
From June, 1993, the company's portfolio of managed receivables increased by $1.8 billion, or 44%, to $5.9 billion.
Advanta's chargeoff rate on managed credit cards dropped to 2.7% from 4% a year earlier.
The company has more than three million customers, and $6.8 billion of assets. Its primary businesses include credit card and mortgage services, as well as small-ticket equipment leasing, credit insurance, and deposit products.