Iute Group reports unaudited results

Iute Group reports unaudited results for 12M/2023

Efforts to improve quality lead the quantity considerations in 2023


  • Number of active customers increased to 274 thousand (31 Dec. 2022: 272 thousand) with revenue per customer (LTM) up to 370 EUR (12M/2022: 343 EUR).
  • Total number of customers increased by 10,3% to 1,1 million (31 Dec. 2022: 928 thousand).
  • Group consolidated balance sheet up 16,6% to 375,8 million EUR and equity up 19,0% to 63,8 million EUR as of 31 Dec. 2023.
  • Increasing use of MyIute app – 813 thousand downloads as of 31 Dec. 2023 (31 Dec. 2022: 477 thousand).
  • Energbank’s first dividend payment approved by regulator in December 2023.
  • IutePay pioneers in the Balkans as e-money institution.


  • Loan payouts increased by 11,0% to 291,0 million EUR (12M/2022: 262,0 million EUR).
  • Number of loans signed down to 331 thousand (12/2022: 357 thousand).
  • Gross loan portfolio up 16,9% to 252,0 million EUR (31 Dec. 2022: 215,5 million EUR) of which principal amount of loans increased 17,3% to 232,3 million EUR (31 Dec. 2022: 198,1 million EUR).
  • Repayment discipline (Customer Performance Index, CPI30) down to 87,3% (12M/2022: 90,4%).
  • Net loan portfolio up 19,7% to 232,2 million EUR (31 Dec. 2022: 193,9 million EUR).
  • 75 cardless ATMs operational (31 Dec. 2022: 71 ATMs).


  • Interest and commission fee income up 18,0% to 91,4 million EUR (12M/2022: 77,4 million EUR) driven by Iute Non-Bank loan portfolio.
  • Net interest and commission fee income up 10,4% to 63,2 million EUR (12M/2022: 57,2 million EUR) driven by Iute Non-Bank loan portfolio.
  • Total revenue up 20,1% to 105,7 million EUR (12M/2022: 88,0 million EUR).
  • Cost to revenue ratio at 44,7% (12M/2022: 46,8%).
  • Adjusted cost to revenue ratio at 38,5%.
  • EBITDA adjusted for FX and integration expenses related to Energbank up 34,4% to 46,7 million EUR (12M/2022: 34,8 million EUR).
  • Net profit at 10,3 million EUR compared to 7,1 million EUR adjusted for one-off gains related to the acquisition of Energbank in the prior-year period.
  • Strong capitalization and profitability – Eurobond covenants exceeded.

Tallinn, Estonia, 21 February 2024. Iute Group, a leading European personal finance group, reported today unaudited results for 12M/2023.

“Operating in a relatively stable regulatory environment, free from political interference, unaffected by macroeconomic fluctuations and geopolitical tensions, and benefiting only from technological progress seems to remain a dream for the coming years. The key to actual success is adaptation: recognizing reality as it is, and constantly seeking opportunities while remaining true to the Company’s DNA and strategic objectives.

Iute Group’s DNA is ever entrepreneurial and customer-oriented intertwined with a systematic approach and the ability to not only cope with setbacks but learn from mistakes. On the strategical level, we continued to build loan, payment, and insurance intermediation value streams which combined constitute a fintech bank and money ecosystem for our customers. Our strategic endeavors were successful: Iute Group achieved growth and profit, while the focus remained heavily on modus operandi with quality being more important than quantity in 2023.

In its endeavor for operational excellence, Iute Group pushed forward the deeper integration of data science into its business processes. Various predictive models at the service of customer experience and loan portfolio have started to reduce sales costs and lower credit risk costs. In contrast, the digitalization and turnaround of Energbank did not meet our expectations, even though the bank is profitable and the organizational challenges of the restructuring have been resolved to a great extent. We expect the bank to solve the remaining challenges under the management in place since January 2024 following its multi-stage Strategy 2026. Clearly more successful is the integration of Iute’s credit and payment solutions into e-commerce. IutePay continues on its path of attracting more customers in the Balkans, while the scope of services and geographical markets coverage are to be expanded in 2024.

On the financing side, Iute Group has achieved refinancing of its maturing EUR bond even in an environment with continuously increasing base interest rates and bond yields. In view of a very solidly financed capital base until October 2026, we aim to grow our revenue and net profit on average by at least 20% per year until then.

Looking at the pure figures, Iute Group exceeded its growth targets for 2023. At 376 million EUR, the balance sheet exceeded the forecast of 355 million EUR, as did revenue, which at 106 million EUR exceeded the target threshold of 100 million EUR. It is unfortunate that we fell short of the net profit target of 12 million EUR with 10 million EUR because of the above-mentioned interference beyond our control, in addition to exchange rate fluctuations. In this context, Macedonia unexpectedly imposed a one-off solidarity tax on national TOP100 companies, which burdened Iute Group with 1.4 million EUR in Q4 2023.

Speaking of the aforementioned, considering our DNA, attracting high-performing customers is crucial to the success of the Iute Group. The modest growth achieved in this respect, with 227,000 performing individual customers at the end of 2023, does not live up to our ambitions. Taking customer orientation to heart, we all at Group need to work harder and use the most advanced technologies to understand customer needs and build long-term relationships.

Accordingly, we have set ourselves the following targets for 2024:

  • Performing Customer Pool (Loan and Wallet) of over 260,000 individuals,
  • Balance sheet total of over 420 million EUR,
  • Revenue of over 120 million EUR,
  • Consolidated net profit of over 15 million EUR,
  • Launch of business activities in at least one additional country, and
  • Return on Equity of at least 25% per year.

Iute’s transformation goes hand in hand with the changing environments in which we operate. As progress stems from change, we are convinced that the best of Iute Group lies ahead of us as we transform,” said Tarmo Sild, CEO of Iute Group.

The full unaudited report for 12M/2023 is available under here.

Earnings Call:

CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 12M/2023 results by means of a webcast presentation on 22 February 2024, 10.00 CET. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
Iute Group – Earnings Call 12M 2023.

The corresponding presentation will also be available on the Company’s website prior to the earnings webcast/call.