Debt buyer PRA Group, listed on Nasdaq, has announced its financial results for the third quarter of 2023 (“Q3 2023”).
Among the key highlights is a 69.9% increase in investments in new portfolio acquisitions, totaling $311.2 million compared to the previous year’s $231.8 million spent on acquisitions in the Americas and Australia. This marks the most significant quarterly investment since 2017.
Total cash collections amounted to $419.6 million, reflecting a 1.8% increase compared to $412.3 million in the third quarter of 2022 (“Q3 2022”). The increase is primarily attributed to higher collections in Brazil and Europe. However, recoveries decreased by $87.2 million for the first nine months compared to the same period the previous year.
The Estimated Remaining Collections (ERC) increased for the second consecutive quarter, reaching $6.0 billion.
Source: PRA Group
Source: PRA Group
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