Regional Management Corp. reported net income of $7.7 million and diluted earnings per share of $0.76 for the third quarter ended September 30, 2024. These results included a $4.3 million, or $0.42 per share, impact due to hurricane events that occurred during the quarter.
The company achieved record quarterly revenue of $146 million, representing a 3.9% increase year-over-year. Net finance receivables grew by $46 million sequentially, or 2.6%, reaching $1.82 billion, an annualized growth rate of just above 10%.
Credit performance showed improvement, with the net credit loss rate at 10.6% and the 30-day contractual delinquency rate at 6.9% as of September 30, 2024, both 40 basis points better than the prior-year period. The operating expense ratio improved by 50 basis points year-over-year to 13.9%, demonstrating expense discipline. The Board of Directors also declared a dividend of $0.30 per common share for the fourth quarter of 2024.
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