SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 1995
________________________ADVANTA Corp.____________________________
(Exact name of registrant as specified in its charter)
_______Delaware__________ _____0-14120________ ______23-1462070__
(State or other jurisdic- (Commission File (IRS Employer Identi-
tion of incorporation) Number) fication No.)
Brandywine Corporate Center, 650 Naamans Road, Claymont, Delaware
(Address of principal executive offices)
19703
(Zip Code)
Registrant's telephone number, including area code: (302) 791-4400
<PAGE>
Item 5. Other Events.
On April 19, 1995 Advanta Corp. announced record quarterly earnings
for the first quarter 1995 with net income of $30.8 million and earnings per
share of $.74, increases of 24% and 21%, respectively, over the $24.9 million
and $.61 per share results for the first quarter 1994. Earnings for the
fourth quarter 1994 totalled $28.6 million or $.70 per share. From
March 1994, the Company's portfolio of managed receivables increased
by $3.2 billion or 59% to $8.6 billion at March 31, 1995.
Highlights for the first quarter include the following items:
Average managed credit card receivables posted a 71% increase
compared to a year ago.
The managed credit card 30+ day delinquency rate came in at
2.1%, compared to 2.0% in the fourth quarter 1994 and 2.3% in the
first quarter last year.
The charge-off rate on managed credit cards came in at 2.2%,
compared to 2.1% for the fourth quarter of 1994 and 2.7% a
year ago.
The Company added nearly 378,000 new credit card accounts
during the quarter compared to 226,000 in the first quarter
of 1994.
Return on equity remained healthy at 26.6% for the quarter.
The managed net interest margin for the quarter fell to
5.94% from 6.06% in the fourth quarter, and 7.38% in the
comparable period of 1994 due to introductory pricing on
credit cards.
The operating expense ratio for the quarter fell 59 basis
points from the fourth quarter to 3.01%, and was down from
3.68% the same quarter last year.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are filed as part of this Report on Form
8-K:
27 Financial Data Schedules.
99 Selected summary financial data.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
ADVANTA Corp.
Date: April 19, 1995 By: /s/ Gene S. Schneyer
Gene S. Schneyer, Vice
President and Secretary
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
27 Financial Data Schedules.
99 Selected summary
financial data.
<PAGE>
ADVANTA AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Dollars in millions except per share data)
Three Months Ended % Change
March 31, 1995 versus
1995 1994 1994
OPERATING RESULTS
Net Revenues $135.5 $ 99.7 36%
Provision for Losses $ 8.9 $ 6.8 31%
Operating Expenses $ 78.1 $ 53.8 45%
Net Income $ 30.8 $ 24.9 24%
Earnings Per Common Share $ .74 $ .61 21%
Average Shares 41.4 40.9 1%
Return on Equity 26.64% 27.77% (4%)
Managed Net Interest Margin 5.94% 7.38% (20%)
-more-
<PAGE>
ADVANTA AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Dollars in millions except per share data)
% Change
March 1995
March 31, December 31, March 31, versus
1995 1994 1994 March 1994
FINANCIAL CONDITION
Gross Receivables
- Owned $1,622 $1,964 $1,405 15%
- Managed $8,610 $8,155 $5,411 59%
Total Assets
- Owned $2,846 $3,113 $2,325 22%
- Managed $9,834 $9,304 $6,331 55%
Deposits $1,005 $1,159 $1,144 (12%)
Stockholders' Equity $ 475 $ 442 $ 364 30%
Book Value Per
Common Share $11.87 $11.12 $ 9.32 27%
Equity/Owned Assets 16.69% 14.19% 15.67% 7%
CREDIT QUALITY
Reserves as a % of
Impaired Assets
Owned Credit Cards 185.4% 186.5% 185.9% (.3%)
Owned Mortgages 13.5% 18.9% 30.9% (56%)
Owned Receivables 106.0% 96.1% 119.7% (11%)
Net Charge-off Rate
Managed Credit Cards 2.2% 2.1% 2.7% (19%)
Managed Mortgages 1.2% 1.6% 1.7% (29%)
Managed Receivables 2.1% 2.0% 2.5% (16%)
30+ Day Delinquency Rate
Managed Credit Cards 2.1% 2.0% 2.3% (9%)
Managed Mortgages 4.7% 4.9% 5.9% (20%)
Managed Receivables 2.8% 2.7% 3.3% (15%)
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