(Reuters) - Italy's biggest bad loan manager doValue returned to profit in 2024 helped by lower depreciation and amortization on intangibles, it said on Thursday. It reported a net income of 1.9
doValue Profits in 2024, Targets 220M Euro Core Profit by 2025
(Reuters) - Italy's biggest bad loan manager doValue returned to profit in 2024 helped by lower depreciation and amortization on intangibles, it said on Thursday.
It reported a net income of 1.9 million euros ($1.98 million), up from a loss of 17.8 million euros the previous year. Full-year gross revenue was flat at 479.2 million euros.
It forecast for 2025 gross revenue in the range of 600-615 million euros and core profit excluding non recurring item between 210 and 220 million euros, citing strong momentum in the first two months of the year.
High interest rates and government support measures over recent years to lessen shocks from the pandemic and energy crisis have helped keep impaired loans at European banks low.
This shrank the bad loan market where debt collectors like doValue operate, putting pressure on them to join forces.
In 2024, which doValue had announced as a "year of transition cost rationalization and investments" to support future growth, the company agreed to buy rival Gardant in June.
The deal, finalised in November, impacted doValue results only for the month on December, the group said in a statement.
It also executed a capital hike for about 150 million euros in December.
At the end of last year, doValue managed 136 billion euros in bad loans, up from 116.4 billion a year earlier.
($1 = 0.9607 euros)
(Reporting by Alberto Chiumento;Editing by Elaine Hardcastle)
