In the three months to September 30th 2022, the KRUK Group recorded over PLN 648m in recoveries from purchased debt portfolios, up 18% year on year. YTD recoveries totalled PLN 1,928m, up 19% year on year.
“The rate of recoveries in that past quarter, as in all of 2022, demonstrates our strength underpinned by consistent development and efficiency improvement efforts. In addition to a toolbox of solutions spanning technology, online and automation, our debt management process relies increasingly on the legal collection channel, not only in Poland, but also abroad. Foreign markets already account for more than a half of our total recoveries, a tangible effect of how our business has developed internationally,” says Piotr Krupa, CEO of KRUK S.A.“I am very pleased with the results we keep delivering. We are focused on executing our strategy and implementing projects that give us a strong market footing. We keep track of the changing environment and external impacts, and – as a strong organisation – we can retain operational stability and respond to any changes that may come about”.
In the three months ended September 30th 2022, KRUK invested almost PLN 594m in debt portfolios with an aggregate nominal value of PLN 3.1bn. 98% of all purchases involved unsecured retail debt. In the nine months to September 30th 2022, the KRUK Group invested PLN 1,351m in debt portfolios with a nominal value of nearly PLN 7.8bn, compared with PLN 933m of debt investments with a nominal value of PLN 5.1bn reported for the same period of last year.
“Our third quarter investments, almost exclusively in unsecured retail debt, are a consequence of our ceaseless effort to improve processes, both those involving portfolio valuations and operational practices. We made purchases on every market where we are present, with the largest deals transacted in Italy. 19% of our total outlays on new debt portfolios in the third quarter were made on the domestic market. Our successful streak continues and KRUK’s competitive position remains very strong. The last quarter of a year being typically the busiest period, and having chalked up nearly PLN 1.4bn in new purchases to date, we have every reason to look at the ending year with optimism investment-wise and we can already plan our activities and budget for 2023,”comments Piotr Krupa.
The report for the three and nine months to September 30th 2022 will be published on November 8th 2022.