Bondora sees drop in February recoveries
Bondora saw a drop in recoveries in February, the first time in six months that the number of payments recovered did not rise.
The European peer-to-peer lending platform recovered 74,786 payments and €773,447 (£647,504) in cash last month, a fall of 0.6 per cent and 16 per cent respectively from January.
The bailiff phase accounted for 44.9 per cent of the number of payments recovered with 33,593 loans, followed by the default and court phase with a 27.1 per cent and 20,271 payments.
The most cash (€642,159) was recovered in the bailiff stage, an 18 per cent drop from January, while the default and court stage increased its recovered cash by 4.5 per cent to a 12.8 per cent share, which is €98,855.
Read more: Bondora sees huge rise in Spanish and Estonian originations
Despite the slight fall from January, the number of loans recovered from each country remained very similar with Estonia making up 46.1 per cent, Finland 30.8 per cent and Spain 23.1 per cent.
The most cash was recovered from Finland (€426,124), which made up a 55.1 per cent share, representing a 23.9 per cent rise from January.
This was followed by Estonia with a 37.6 per cent share, a huge 43.3 per cent drop while Spain had a 7.3 per cent share in recovered money.
Read more: Bondora’s 2021 returns beat their target rates
“As we progress into first quarter of 2022, the recovery rates, which began astronomically high in January, are starting to settle more,” Bondora said in a blog on its website.
“But we do expect it to remain relatively high. Estonia holds the lead in recovery rates from 2014-2021, but Finland charges in first place for the 2022 recovery rate.
“Although the number of payments and cash amount recovered is less than last month, recovering €773,447 in one month is still work we’re proud of.”
Bondora also saw a fall in its originations and secondary market transactions in February.