November 9, 2017 / 7:41 AM / a month ago

Debt collector Arrow Global's 9-month revenue rises

Nov 9 (Reuters) - Arrow Global Group reported higher revenue for the first nine months of 2017, as it bought more non-performing loans and non-core assets from banks in Europe, driven by the continued reform in the region’s banking sector.

The debt purchaser and manager, which buys defaulted customer accounts from retail banks and credit card companies, said revenue rose to 231.6 million pounds ($304.4 million) in the nine months ended September, from 164.3 million pounds a year earlier.

The company’s pretax profit rose to 20.1 million pounds in the period, from 14.2 million pounds a year earlier, driven also by a jump in core collections and revenue from asset management. ($1 = 0.7608 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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