The credit card business looked a lot like banking as a whole last year: Profits were ample, though not as rich as in previous years, and acquisition activity went through the roof.

In the acquisitions, taking the form of portfolio sales, a record $32.29 billion of receivables changed hands, according to an annual compilation by R.K. Hammer Investment Bankers of Thousand Oaks, Calif.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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