Recoveries from purchased debt portfolios posted by the KRUK Group for the three months to September 30th 2023 totalled PLN 785 million, up 21% year on year and PLN 9 million quarter on quarter. In the period from January to September 2023, total recoveries amounted to nearly PLN 2.3 billion, up 19% year on year.
“We operate effectively in each of our markets and the robust trend in recoveries is continuing. Ongoing technological development supports our operational efficiency, which remains a key focus of our efforts. In Poland, recoveries exceeded PLN 1 billion in the initial three quarters of the year for the first time. But notably, more than half of the PLN 2.3 billion figure is attributable to recoveries in foreign markets. The figure reported for the third quarter alone was the highest quarterly recoveries amount in the Group's history, despite the seasonality effects observed during the holiday period in Spain and Italy. I am extremely pleased with the outcomes of our endeavours thus far,” says Piotr Krupa, KRUK S.A.’s CEO.
In the three months to September 30th 2023, the KRUK Group invested PLN 812 million in debt portfolios with an aggregate nominal value of PLN 4.6 billion. In the period from January to September 2023, the investment amount reached nearly PLN 2 billion, and the nominal value of the purchased debt portfolios was PLN 10.1 billion, compared with PLN 1.4 billion of debt investments with a nominal value of PLN 7.8 billion in the corresponding period of 2022. 98% of all investments in the third quarter involved the purchase of unsecured retail debts, mainly in foreign markets.
“We are investing in each of our markets, but in the third quarter the largest portion of our debt purchases was made outside Poland. We are capitalising on opportunities arising from the Group's status as an international player. Investments in Spain and Italy have accounted for nearly 70% of the total investment amount this year,” comments Piotr Krupa. “We have a strong market position, stable access to funding, and we want to leverage the current moment for further growth. We participate in all potentially attractive auctions in each market to maximise our scale, but also to use the opportunity to secure the best expected returns. Our investments after the first three quarters of the year represent 86% of the total amount invested last year, and the busiest period is still ahead. Typically, we have the largest number of projects at the end of the year. Our record capital expenditures and continuous efforts towards operational excellence provide a strong foundation for growth in the coming years. This is crucial for us – not only to celebrate important milestones, such as KRUK's 25th anniversary but, above all, to consistently execute the strategy and vision for future success.
The report for the three months to September 30th 2023 will be published on November 8th 2023.