In Brief: Advanta Sees Lift from Deal with JPM-Chase

February 26, 2001, 2:00 a.m. EST 1 Min Read

SPRING HOUSE, Pa. Advanta Corp. announced on Friday that it expects 2001 operating earnings from its business credit card and venture capital units to be $1.41 per diluted share.

The company is selling its subprime mortgage unit to J.P. Morgan Chase & Co. after a disastrous 2000, when Advanta had a per-share loss of $6.22. It said that, after the sale, which is to close this quarter, it will stick to its plan to focus on its small-business credit card business.

Advantas per-share book value should be about $16 to $17 after the sale, it said.

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