Enova Q3 2020 Earnings Report

Enova reported strong earnings due to improved credit quality and efficient expense management.

Key Takeaways

Enova International reported strong earnings for Q3 2020, with net income from continuing operations increasing to $94 million, or $3.09 per diluted share, compared to $29 million, or $0.83 per diluted share, in Q3 2019. The company's financial performance reflects the strength and adaptability of its direct online-only business model and powerful credit risk management capabilities. Enova also completed the acquisition of On Deck Capital, Inc. on October 13.

Diluted earnings per share from continuing operations and adjusted earnings per share more than tripled compared to a year ago.

Consolidated portfolio delinquency and net charge-off rates were among the lowest in the company's history.

Total company originations increased 56% from the second quarter to $140 million.

Cash and marketable securities totaled $552 million, and available capacity on committed facilities totaled $332 million.