PRA Group, Inc. reported its financial results for the third quarter of 2024, achieving net income attributable to PRA Group, Inc. of $27.154 million, a significant improvement from a net loss of $(12.262) million in the prior year's third quarter. Diluted earnings per share for the quarter stood at $0.69, compared to $(0.31) in Q3 2023.
The company demonstrated robust operational momentum, investing $350 million in portfolio acquisitions during the quarter, which contributed to a record Estimated Remaining Collections (ERC) balance of $7.3 billion. Cash collections grew 14% year-over-year to $477.110 million, reflecting both higher portfolio purchases and the positive impact of operational initiatives.
Total portfolio revenue increased to $276.736 million from $212.116 million in Q3 2023, driven by a 19.3% increase in portfolio income to $216.122 million and a rise in changes in expected future recoveries to $26.456 million. PRA Group also announced its financial and operational targets for 2025, indicating it is on track to exceed its 2024 targets.
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