Encore Capital Group, Inc. (ECPG) saw its loss narrow to $1.52 million, or $0.06 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.96 million, or $0.43 a share.
"The U.S. market for charged off receivables continues to improve as stronger supply and lower prices contribute to increasingly favorable returns," said Kenneth A. Vecchione, President and Chief Executive Officer. "Pricing leverage is shifting from sellers to buyers as supply increases and debt purchasers continue to demonstrate pricing discipline. We believe the better pricing environment, combined with benefits we’re seeing from our consumer-centric liquidation programs, will continue to drive higher returns in the U.S."
Assets, liabilities fall
Total assets stood at $3,705.48 million as on Sep. 30, 2016, down 9.69 percent compared with $4,103.01 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,093.40 million as on Sep. 30, 2016, down 10.16 percent from $3,443.33 million on Sep. 30, 2015.
Net loans stood at $2,397.83 million as on Sep. 30, 2016, up 3.21 percent compared with $2,323.22 million on Sep. 30, 2015.
Shareholders equity stood at $574.53 million as on Sep. 30, 2016, down 8.20 percent or $51.34 million from year-ago.
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