Beneficial Corp. reported a 7% increase in second- quarter earnings over a year earlier, to $88.3 million.

For the first half of the year, earnings at the consumer finance and credit card company declined slightly, to $189 million, from $189.8 million a year earlier.

Profits for the company's tax refund anticipation loan division declined for the quarter from $18.1 million, to $2.9 million. Receivables increased $328 million during the second quarter, to $17.06 billion.

Net chargeoffs increased to $95.6 million for the quarter, from $67.8 million a year earlier. Beneficial increased its loan-loss reserves to 3.47%, from 3.35% in the first quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.