Norway based B2Holding, owner of Debt Collection Agency, has increased its profit in the second quarter of the year. The holding company published its financial statements, which show gross collections, including joint-ventures, above the initial forecasts.
Net profit of B2Holding was EUR 17.74 million, 17% increase compared to the second quarter of 2021. Rise of net profit for the whole first half of the year is 8%, up to EUR 30.77 million.
B2Holding invested EUR 77.75 million in new portfolios in the second quarter. All the portfolios purchased were unsecured, of which 20 per cent were forward flow transactions. The estimated remaining collection was EUR 20.4 billion at the end of the quarter.
Net revenue for the quarter is equivalent to EUR 76.87 million, cash EBITDA was 97.52 million and real estate sales increased 44% up to EUR 10.58 million.
B2Holding has a solid funding base to support future growth, noted the company. The Group’s healthy funding structure and leverage ensure liquidity and financial flexibility. NPL transaction activity continued the positive trend, with an increase in volumes marketed, evaluated, and transacted.
“We continued the positive trend in the second quarter with strong collections and solid cash recoveries. The real estate (REO) sales also continued to materialize and have reached 80 per cent of the full-year target. On the capital side, we closed the transaction with PIMCO and concluded the extension of the RCF, which gives us additional capital for new investments. With invested and committed capital of more than EUR 138.5 million for 2022, we are already well ahead of the volume purchased for the full year of 2021. Going into the second half of 2022, we are well-positioned to take advantage of a seasonally more active market with a good supply of portfolios,” said Erik Just Johnsen, CEO B2Holding ASA.
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