KRUK invests PLN 524m and recovers PLN 724m in Q1 2023
Recoveries from purchased debt portfolios posted by the KRUK Group for the three months to March 31st 2023 totalled PLN 724m, up 16% year on year and 4% quarter on quarter.
“We had a great start into the new year 2023. Recoveries from purchased portfolios continued on a strong trend, having reached the highest ever quarterly level for KRUK. Until a few years ago, it took us a whole year to recover a comparable amount. We set ambitious goals and keep growing in every market where our business is present. We are an international organisation, getting ever stronger on the back of operational improvements and technology advances,” says Piotr Krupa, CEO of KRUK S.A.
In the three months ended March 31st 2023, the KRUK Group invested PLN 524m in debt portfolios with a nominal value in excess of PLN 2.8bn, compared with PLN 262m of debt investments with a nominal value of PLN 2.2bn in the first quarter of last year. 93% of all these purchases involved unsecured retail debt.
“The investments we made in the first quarter broke our previous record, boding well for this year. Some of the purchases involved debt under forward flow agreements concluded in prior years, and with these we can expect a steady inflow of new cases in the coming quarters. All the time, we also keep making new purchases. Let me add that we buy debt in every market where we conduct operations, but the largest investments in the first quarter were made in Italy and Poland,” comments Piotr Krupa. “We are building a modern international organisation, whose recoveries and investments show how strong our position is in the market and among international players. This year we are celebrating KRUK’s 25th anniversary, which has been a period of hard yet highly rewarding work, especially when we see such excellent cash results. We want to continue to set the bar high and achieve further ambitious operational targets.”
Full data for the three months to March 31st 2023 will be published on April 26th 2023.