The Norway based B2Holding, owner of Debt Collection Agency (DCA), recorded an increase of net profit in the third quarter of this year and collections above the latest forecasts.
In a period of ongoing COVID-recovery and expiring moratorium on bank loans, one of the leading debt collection companies in Europe, maintains positive financial results. For the time July – September the net profit of the Group reached EUR 16.43 mln., which is a 27% increase, compared to the same period last year.
Gross collection, including SPVs and joint ventures, exceeded EUR 128.6 mln. for the third quarter, 22% down on an annual basis. The Group’s revenue marked a minimal decrease compared to the same period of 2020, to nearly EUR 80.3 mln. The operating profit remained unchanged compared to the third quarter of the previous year – EUR 37.5 mln., and cash EBITA reached EUR 94.37 mln.
B2Holding invested EUR 24 million in new portfolios in the third quarter. 94 per cent of the investments were unsecured portfolios, of which 47 per cent were forward flow transactions. The estimated remaining collections was EUR 2 billion at the end of quarter.
The Group is observing a notable increase in the volume of NPLs coming to the market and expects more volume in 2022.
“We are pleased to report that the third quarter repeated the strong performance seen in previous quarters, with unsecured collections showing continued improvement and secured recoveries also above expectations. With better collection efficiency and a scalable cost level, we are well positioned to take an active role in the improving NPL market”, said Erik J. Johnsen, CEO of B2Holding ASA.
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