IuteCredit reports unaudited results for 6M/2022 – Continuation of profitable growth and progress in achieving strategic goals
DGAP-News: IuteCredit Finance S.à.r.l.
/ Key word(s): Half Year Results
IuteCredit reports unaudited results for 6M/2022
OPERATIONAL HIGHLIGHTS AT IUTECREDIT BUSINESS WITHOUT EFFECTS OF BANK ACQUISITION
FINANCIAL HIGHLIGHTS AT IUTECREDIT BUSINESS WITHOUT EFFECTS OF BANK ACQUISITION
“In the first six months of 2022, IuteGroup has increased its customer pool, productive assets, revenue, and net profit, while undergoing major changes in its technological base and multinational, multi-regulatory organizational structure. The successful acquisition of the first bank into the Group, the ongoing digital onboarding of MyIute app customers, a dedicated team, and strong financial discipline have converged into 40 million EUR revenue from our customers and a six-month net profit of 13 million EUR as a result of our work. The consolidated balance sheet, inclusive of both IuteCredit and EnergBank’s businesses as of the end of June remained at the 300 million EUR mark compared to the end of Q1. In contrast, the net loan portfolio grew by 10% to 171 million EUR. This means that between April and June we have placed a larger part of assets into yielding production. Both the IuteCredit and EnergBank businesses were profitable stand-alone. Performing loan customers exceeded 168,000 (3M/22: 160,000) and performing wallet customers number exceeded 85,000 by the end of the reporting period (3M/22: 83,000). The numbers above tell a story: We are making tactical progress in several directions in pursuit of the strategical objective to have one million customers by the end of 2024 by offering both loans and payment services. The MyIute app has been downloaded by more than 300,000 people. At the same time, our customers continuously ask for more and more comfort features and financial products. We are specifically developing the backend so that these features and products run automatically or with only the customer’s own input, yet in a personalized manner. In Macedonia, for example, we have so far achieved with New Core that 17% of loans are processed fully automatically and approved instantly online, based on personal assessment and personalized product parameters. At the same time, we are making progress in taking operational control of Energbank. The acquisition of a 95% stake has proven to be very profitable for IuteGroup. As of 30 June 2022, IuteGroup’s consolidated equity totaled 50 million EUR, a meaningful leap from the pre-acquisition level of 25 million EUR as of 31 December 2021. Yet, the Bank itself is already profitable before the start of its operational and digital turnaround we envisage for the period 2022-2023. In the IuteCredit business, loan portfolio and revenues continued to grow, while revenues structure diversified further. To date, 96% of revenues are from various loan-related services (loan revenues) and 4% are from payment services (wallet revenues). For the full year 2022, we stick to the Group’s revenue and net profit expectations. We expect consolidated revenues of at least 75 million EUR (40 million EUR achieved in H1 2022) and a net profit of at least 16 million EUR (13 million EUR achieved by H1 2022),” said Tarmo Sild, Group CEO of IuteCredit. The full unaudited report for 6M/2022 is available under iutecredit.com/reports/. 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. The Group’s core loan products are unsecured installment loans and buy-now-pay-later loans with maturities between 1 month and 48 months and collateralized loans with maturities up to 72 months. Loans are provided over the webshops, Iute’s website, MyIute app, network of branches, merchants and partners. Iute’s payment services vary from country to country between full-range solutions provided as a bank, and partial solutions subject to the license issued in any given country. The Group operates its own ATM network that is accessible with the MyIute app. The Group finances its loan portfolios with equity, with secured bonds that are traded on the regulated market of Frankfurt Stock Exchange and the main list of Nasdaq Baltic and with deposits (as a bank inside a given country). The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations.
24.08.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | IuteCredit Finance S.à.r.l. |
14, rue Edward Steichen | |
2540 Luxembourg | |
Luxemburg | |
ISIN: | XS2033386603, XS2378483494 |
WKN: | A2R5LG , A3KT6M |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1427345 |
End of News | DGAP News Service |
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1427345 24.08.2022 CET/CEST