DGAP-News: IuteCredit Finance S.à.r.l. / Key word(s): Half Year Results
IuteCredit reports unaudited results for 6M/2021
The ongoing breakthrough of digitalization is directly reflected in improving IuteCredit's profitability. We make more money with economies of scale that result in an improved revenue/OPEX ratio. Consolidated assets climbed from 116 million EUR to 123 million EUR as the net loan portfolio grew from 81 million EUR to 88 million EUR. Similar growth applied to the gross loan portfolio. In contrast, liabilities to investors only increased from 94 million EUR to 98 million EUR.
At the same time, the interest rate structures, and maturities of our products are changing. Currently, newly issued loans' average APR stands just above 50% while maturity is longer than 20 months. In the same period of the previous year, we were still at about 60% and about 16 months. Loan repayment discipline, measurable as a ratio of actual incoming repayments cashflow versus expected repayments cashflow, with maximum delay tolerance of 30 days, remains close to 90%. We recover more than 40% of defaulted principal within the first 180 days from the date of default.
Free cash position at 15 million EUR remains high as we continue to actively seek growth opportunities. Investment priority for IuteCredit is our mission to offer extraordinary experience in the field of personal finance.
The markets are returning to cautious optimism, which is visible in loan applications increase. We look impatiently forward to Q3/2021 and expect it to offer new opportunities for the Company and its investors. Given the past performance and prudent future projections, we are even more optimistic that 2021 total revenue will exceed 55 million EUR while the net profit should surpass 6 million EUR. An increase in total assets to 170 million EUR by the end of 2021 also remains a realistic target," said Tarmo Sild, Group CEO of IuteCredit. The full unaudited report for 3M/2021 is available under iutecredit.com/reports/.
CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 6M/2021 results by means of a webcast presentation on 22 July 2021, 10.00 CEST. The webcast/call will be held in English.
Please register in time to participate in the webcast/call at:
The corresponding presentation will also be available on the Company's website prior to the earnings webcast/call.
IuteCredit - established in 2008 - is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, Bulgaria as well as Bosnia and Herzegovina.
IuteCredit's loan products are unsecured consumer loans with maturities between 1 month and 36 months and car-secured loans with maturities up to 60 months.
The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations.
21.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
IuteCredit Finance S.à.r.l.
14, rue Edward Steichen
Regulated Unofficial Market in Frankfurt
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