Iute Group reports unaudited results for 3M/2023

Quality over quantity for financial year 2023


  • Number of active customers reached 300 thousand (31 December 2022: 293 thousand) and the revenue per customer 360 EUR (12M/2022: 346 EUR).
  • Total number of customers increased by 1,5% to 942 thousand (31 December 2022: 928 thousand).
  • Group consolidated balance sheet up 2,0% to 328,8 million EUR and equity up 7,2 % to 60,1 million EUR as of 31 March 2023.
  • Increasing use of MyIute app – 530 thousand downloads (31 December 2022: 477 thousand).
  • Continued development of New Core IT platform with additional features to increase payout ratio as well as after-sale features to retain customers.


  • Loan payouts increased by 19,9% 63,3 million EUR (3M/2022: 52,8 million EUR)
  • Number of loans signed down y-o-y 12,8% to 84 thousand (3M/2022: 96 thousand).
  • Gross loan portfolio up 3,5% to 233,1 million EUR (31 December 2022: 215,5 million EUR) of which principal amount of loans increased 3,0% to 204,0 million EUR (31 December 2022: 198,1 million EUR).
  • Repayment discipline (Customer Performance Index, CPI30) down to  88,1% (Q4/2022: 90,1%).
  • Net loan portfolio up 2,7% to 199,1 million EUR (31 December 2022: 193,9 million EUR).
  • 66 cardless ATMs operational (31 December 2022: 71 ATMs).


  • Interest and commission fee income up 46,3% to 22,9 million EUR (3M/2022: 15,7 million EUR) driven by Iute Non-Bank loan portfolio. Interest income from Energbank portfolio remained at the prior-year level considering consolidation as of February 2022.
  • Net interest and commission fee income up 49,5% to 16,7 million EUR (3M/2022: 11,2 million EUR) driven by Iute Non-Bank loan portfolio.
  • Total revenue up 38,3% to 25,5 million EUR (3M/2022: 18,4 million EUR).
  • Cost to revenue ratio at 43,6% (3M/2022: 44,0%) slight improvement that is not considered sufficient by management.
  • Adjusted cost to revenue ratio at 37,5 %.
  • EBITDA adjusted for FX and integration expenses related to Energbank up 51,6% to 11,8 million EUR (3M/2022: 7,6 million EUR).
  • Net profit at 2,8 million EUR compared 12,2 million EUR in the prior-year period in particular from accounting gains (10,5 million EUR) related to the acquisition of Energbank.
  • Strong capitalization and profitability – Eurobond covenants exceeded.

Tallinn, Estonia, 29 May 2023. Iute Group, a leading European personal finance group, reported today unaudited results for 3M/2023.

“The Iute Group continued to grow moderately in Q1 2023, focusing on quality rather than quantity. We expect the focus on quality to continue throughout 2023. The decisive factor for the further course is the persistently high inflation: Household purchasing power is falling, while the cost of capital in the form of interest rates is rising for both banks and non-bank financial institutions, such as Iute. It was all the more surprising to see how much the interest rate risk had been underestimated by both many bond investors as well as central banks, given the previously low-interest rates. In our view, a normalization of inflation and thus of interest rates is unlikely in the short term. However, as we have seen just recently, a situation can also reverse in the other direction in a flash. Consequently, particularly for small multinationals such as Iute Group, it is a matter of keeping an eye on a potentially fast-changing road and adapting quickly when necessary. For us, this means that in the short term, the focus must be less on growth and more on how we can become more efficient so that we can continue to play out our strengths in the future.

As the Group’s current run rate shows, our efforts are bearing fruit. We are confident of achieving our targets for the year. The Group’s consolidated balance sheet and loan portfolio both grew by 6 million EUR, which means faster than liabilities. The year-end balance sheet target remains at 350 million EUR. At the same time, revenues in Q1, the seasonally weakest period of the year, were slightly above expectations, while net profit at 2,8 million EUR was achieved as expected. We are thus sticking to our annual revenue target of more than 100 million EUR and an annual net profit target of more than 10 million EUR.

For the Iute Group, growing the performing customer pool is increasingly becoming a major challenge given its mere size. In other words, the skill and capacity to acquire and retain customers with individualized service becomes more and more important and remains Iute’s focus point. Quality over Quantity, profitably,” said Tarmo Sild, CEO of Iute Group.

The full unaudited report for 3M/2023 is available under iutecredit.com/reports/.

Earnings Call:

CEO Tarmo Sild, CFO Kristel Kurvits, and CRO Tarvo Rahumägi will comment on the unaudited 3M/2023 results by means of a webcast presentation on 30 May 2023, 10.00 CEST. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
Iute Group – Earnings Call 3M 2023.

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