Beneficial announces highly successful tax refund anticipation loan (RAL) season.WILMINGTON, Del.--(BUSINESS WIRE)--March 12, 1996--Beneficial Corporation (NYSE NYSE See: New York Stock Exchange : BNL BNL Brookhaven National Laboratory (Upton, NY) BNL Bibliothèque Nationale de Luxembourg (French) BNL Banca Nazionale del Lavoro BNL Berkeley National Laboratory BNL Bare Naked Ladies ) today announced that with the peak of the tax filing season now past, 1996 appears to have been highly successful for Beneficial's tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. anticipation loan (RAL 1. RAL - Rutherford Appleton Laboratory (UK). 2. RAL - An expert system. ) business. Although the season is not yet complete and numbers are therefore preliminary, it appears that results will significantly exceed original expectations. Finn M.W. Caspersen, chairman and chief executive officer of Beneficial Corporation, commented, "After last season's very disappointing RAL net loss, we are particularly gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the resounding re·sound v. re·sound·ed, re·sound·ing, re·sounds v.intr. 1. To be filled with sound; reverberate: The schoolyard resounded with the laughter of children. 2. success this year. Consumer demand for the product remains strong. The number of RALs processed may approach the 2.7 million of last year. Moreover, of particular importance, collections of previously charged off amounts have been significantly beyond expectations. Beneficial's highly sophisticated fraud and credit quality computer screen continues to function extremely effectively (as it did even last year) producing initial RAL delinquency figures well within plan. "Finally, the interface with the Internal Revenue Service has functioned particularly smoothly and efficiently, thanks to excellent cooperation from the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. . "It now appears that full-year pretax profits from RAL may significantly exceed the prior-year peak of $56 million pretax recorded in 1993. We now begin to look forward to another year of excellent results in 1997 and the continued alliance with H&R Block." Beneficial Corporation is a $15 billion, New York Stock Exchange-listed financial services holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, credit-card, banking and insurance operations located throughout the United States, Canada, the United Kingdom, Ireland and Germany. CONTACT: Beneficial Corp., Wilmington MEDIA: Robert Wade, 302/425-2500 ANALYST CONTACT: Karen Pagonis Samuel F. McMillan, 302/425-2100 http://www.beneficial.com |
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