Reports Q1 revenue $134.378M, consensus $134.71M. "We had a strong start to 2023, as our team skillfully navigated a challenging economic environment," said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. "We earned $8.7 million of net income and $0.90 of diluted EPS in the first quarter by maintaining our focus on portfolio quality, expense management, and strong execution of our core business. Due to our conservative underwriting and first quarter seasonality, we liquidated our portfolio by $23 million in the quarter, intentionally slowing our year-over-year portfolio growth rate to 16%. In this macroeconomic environment, we continue to be comfortable trading loan growth for credit quality, but we are well-positioned to lean back into growth when warranted by the economic conditions and overall performance of our portfolio."
Published first on TheFly
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