Newport Beach-based auto financier United PanAm Financial Corp.’s second-quarter profit rose by 6% on a 30% jump in auto loans bought in the first half of the year, the company said Friday.
Profit from continuing operations was $7 million in the quarter, versus $6.6 million a year earlier.
Revenue, or interest income, was $42.3 million in the quarter, up 28.5%. The company’s revenue and profit figures beat Wall Street expectation.
United PanAm has $616.2 million in outstanding loans in the quarter, up 30% from a year ago.
The company, which lends to borrowers with imperfect credit, bought $250.1 million in loans in the period, a 30% increase.
United PanAm earlier this year sold off its savings and loan arm and now packages auto loans as securities for Wall Street investors. The proceeds go toward making new loans.
