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Encore Capital Group Inc., a company that purchases delinquent credit card accounts, last week reported net income of $6.6 million for the second quarter ended June 30, a 6% increase from $6.2 million in the year-ago period. All of the portfolios Encore Capital purchased during the quarter were comprised of credit card accounts, according to the company's 10-Q filing with the U.S. Securities and Exchange Commission. The company paid $82 million during the quarter to purchase bad-debt portfolios with a face value of $1.9 billion. In the year-ago period, Encore Capital, based in San Diego, paid $52.5 million to purchase portfolios with a face value of $1.8 billion. Gross collections for the second quarter totaled $122.4 million, a 20% increase from $102.1 million a year ago. Excluding portfolio sales, collections during the quarter $121.6 million, a 24% increase from $98.5 million.
