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): July 20, 1995
________________________ADVANTA Corp.____________________________
(Exact name of registrant as specified in its charter)
_______Delaware__________ _____0-14120________ ______23-1462070__
(State or other jurisdic- (Commission File (IRS EmployerIdenti-
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 July 20, 1995 Advanta Corp. announced record quarterly
earnings for the second quarter 1995 with net income of $33.4
million and earnings per share of $.80, increases of 30% and 27%,
respectively, over the $25.8 million and $.63 per share results
reported for the second quarter 1994. Earnings for the first
quarter 1995 totalled $30.8 million or $.74 per share. From June
1994, the Company's portfolio of managed receivables increased by
$3.4 billion or 58% to $9.4 billion at June 30, 1995.
Highlights for the second quarter include the following items:
Managed credit card receivables at June 30 of $7.5 billion
posted a 67% increase over the $4.5 billion level last June.
The managed credit card 30+ day delinquency rate was unchanged
from the second quarter last year at a favorable 2.0%.
The charge-off rate on managed credit cards dropped to 2.5%,
compared to 2.7% in the year ago quarter.
The Company added over 450,000 new credit card accounts during
the quarter compared to 344,000 in the second quarter of 1994.
The managed net interest margin for the quarter of 5.96% rose
slightly from 5.94% in the first quarter, and is down from 6.95% in
the comparable period of 1994. Rapid growth in new credit card
business with low introductory rates decreased average yields.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit is 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: July 20, 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
June 30, 1995 versus
1995 1994 1994
OPERATING RESULTS
Net Revenues(1) $143.8 $106.9 35%
Provision for Losses $ 8.6 $ 15.4 (44%)
Operating Expenses $ 83.9 $ 69.2 21%
Net Income $ 33.4 $ 25.8 30%
Earnings Per Common Share $ .80 $ .63 27%
Average Shares 41.8 41.2 1%
Return on Equity 26.91% 27.23% (1%)
Managed Net Interest Margin 5.96% 6.95% (14%)
Six Months Ended % Change
June 30, 1995 versus
1995 1994 1994
OPERATING RESULTS
Net Revenues(1) $279.4 $206.6 35%
Provision for Losses $ 17.5 $ 22.3 (21%)
Operating Expenses $162.0 $123.0 32%
Net Income $ 64.2 $ 50.7 27%
Earnings Per Common Share $ 1.54 $ 1.23 25%
Average Shares 41.6 41.0 2%
Return on Equity 26.78% 27.49% (3%)
Managed Net Interest Margin 5.95% 7.15% (17%)
(1) 1994 amount excludes $18.4 million gain on sale of credit card
relationships.
-more-
<PAGE>
ADVANTA AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Dollars in millions except per share data)
% Change
June 1995
June 30, March 31, June 30, versus
1995 1995 1994 June 1994
FINANCIAL CONDITION
Gross Receivables
- Owned $ 1,868 $1,622 $1,330 40%
- Managed $ 9,371 $8,610 $5,933 58%
Total Assets
- Owned $ 3,058 $2,846 $2,192 40%
- Managed $10,561 $9,834 $6,795 55%
Deposits $ 1,098 $1,005 $1,041 5%
Stockholders' Equity $ 511 $ 475 $ 389 31%
Book Value Per
Common Share $ 12.69 $11.87 $ 9.88 28%
Equity/Owned Assets 16.70% 16.69% 17.76% (6%)
CREDIT QUALITY
Reserves as a % of
Impaired Assets
Owned Credit Cards 187.4% 185.4% 186.0% 1%
Owned Mortgages 10.4% 13.5% 31.1% (67%)
Owned Receivables 110.2% 106.0% 103.1% 7%
Net Charge-off Rate
Managed Credit Cards 2.5% 2.2% 2.7% (7%)
Managed Mortgages 0.7% 1.2% 1.8% (61%)
Managed Receivables 2.1% 2.1% 2.5% (16%)
30+ Day Delinquency Rate
Managed Credit Cards 2.0% 2.1% 2.0% 0%
Managed Mortgages 4.8% 4.7% 5.6% (14%)
Managed Receivables 2.7% 2.8% 2.9% (7%)
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