The results continue to come in strong from Wall Streets publicly traded consumer debt buying / recovery firms. On August 1, Encore Capital Group announced results for the the second quarter of 2011. As expected, their results were stellar.
Financial Highlights Include:
- A 24% increase in gross collections- $195.1 million vs. $156.8 million in the same period of the prior year
- Investment in receivables was $93.7 million vs. $83.3 million in the same period of the prior year
- Net income of $14.8 million compared to net income of $11.7 million in the same period of the prior year
“In the second quarter, Encore Capital’s disciplined approach to portfolio underwriting and management generated record results in terms of net income, gross collections, and cash flow,” said Brandon Black, Encore’s President and Chief Executive Officer.”
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