Very good recoveries and above-budget investments posted for first quarter of 2021
In the three months to March 31st 2021, recoveries from portfolios purchased by the KRUK Group totalled PLN 512m, up PLN 34m, or 7% year on year, marking the best quarter in terms of recoveries in the Group’s operating history.
‘Quarterly recoveries broke above the PLN 500m mark for the first time in our operating history. As of today, we have seen no significant adverse impacts of the third wave of the pandemic on the achieved recoveries. This positive trend is continuing, particularly in unsecured retail debt portfolios,’ said Piotr Krupa, KRUK CEO.
In the three months to March 31st 2021, KRUK invested PLN 159m in debt portfolios with an aggregate nominal value of PLN 877m. The largest investments were made on the Polish market, but the KRUK Group also invested in retail portfolios in Romania, the Czech Republic and Slovakia. Compared with the PLN 57m invested during the first three months of 2020, investment spending nearly tripled this year.
‘We invested in portfolios sold by banks and non-banking financial institutions. We are estimating various portfolios across all markets where we operate. The above-budget expenditures incurred in the first three months of 2021 bode well for the remainder of the year. We have good access to finance and a strong liquidity position, and we are operationally prepared to acquire new assets,’ added KRUK CEO Piotr Krupa.
The report for the three months to March 31st 2021 will be published on May 24th 2021.