Iute Group reports unaudited results for 12M/2022

On its way to a profitable fintech bank


  • Number of active customers reached 293 thousand (31 Dec. 2021: 222 thousand) and the revenue per customer 346 EUR (12M/2021: 300 EUR).
  • Total number of customers increased by 14,4% to 928 thousand (31 Dec. 2021: 811 thousand).
  • Group consolidated balance sheet up 93,3% to 322,3 million EUR and equity doubled to 56,1 million EUR as of 31 Dec. 2022.
  • Group cons. total income before expenses up 45,7% to 89,2 million EUR (12M/2021: 61,2 million EUR).
  • Group cons. EBITDA almost doubled to 45,1 million EUR (12M/2021: 24,9 million EUR).
  • Group cons. net profit with 19,6 million EUR more than tripled (12M/2021: 6,1 million EUR).
  • Moldovan bank management integrated into Iute, administration by National Bank of Moldova completed.
  • Increasing use of MyIute app – 477 thousand downloads (31 Dec. 2021: 181 thousand).
  • IuteCredit loan value streams switched to single New Core IT platform.
  • Energbank being prepared for deployment of new technologies, organizational model and business processes.


  • Loan payouts increased by 30,1% 218,8 million EUR (12M/2021: 167,0 million EUR)
  • Number of loans signed up y-o-y 19,9% to 349 thousand (12M/2021: 291 thousand).
  • Gross loan portfolio up 35,5% to 163,1 million EUR (31 Dec. 2021: 120,4 million EUR) of which principal amount of loans increased 38,3% to 146,6 million EUR (31 Dec. 2021: 106,0 million EUR).
  • Repayment discipline (Customer Performance Index, CPI30) significantly improved to 90,4% (12M/2021: 86,7%).
  • Net loan portfolio up 38,0% to 145,4 million EUR (31 Dec. 2021: 105,4 million EUR).
  • 71 cardless ATMs operational (31 Dec. 2021: 30 ATMs).


  • Interest and commission fee income up 25,1% to 60,5 million EUR (12M/2021: 48,3 million EUR) driven by loan portfolio growth.
  • Net interest and commission fee income up 24,1% to 42,1 million EUR (12M/2021: 34,0 million EUR).
  • Total revenue up 18,5% to 72,5 million EUR (12M/2021: 61,2 million EUR).
  • Cost to revenue ratio at 45,4% (12M/2021: 40,3%) mainly as a result of expenses related to the acquisition of Energbank and expenses for buildup of future revenue streams.
  • Adjusted cost-to-revenue ratio at 40.7%, in particular for one-time expenses related to Kosovo arbitration and integration expenses.
  • EBITDA adjusted for FX, revaluation, and one-time effects, in particular, income from Energbank and for Kosovo arbitration up 25,1% to 28,6 million EUR (12M/2021: 22,8 million EUR).
  • Net profit adjusted in particular for income from Energbank and for Kosovo arbitration expenses at 7,4 million EUR (12M/2021: 6,1 million EUR).
  • Strong capitalization and profitability – Eurobond covenants exceeded.

Tallinn, Estonia, 21 February 2023. IuteCredit Europe (“ICE”), a leading European personal finance group, reported today unaudited results for 12M/2022.

“2022 was a truly memorable year for IuteGroup. The successful completion of many of the initiatives we launched in previous years to a great deal coincided with the external factors they were designed to address, such as new regulations, rising inflation, and highly selective customer demand. As such, we are pursuing targeted initiatives that should contribute to sustainable growth in the years to come.

In 2022, we exceeded our target of achieving consolidated revenues of at least 75 million EUR, with an increase of almost 20% a total of 89 million EUR. Also, we managed to increase net profit by almost 20% to a total of 19 million EUR, compared with a target of at least 16 million EUR. The consolidated balance sheet grew to 322 million EUR by the end of 2022, the number of performing loan customers to 178 thousand, and the number of payment services customers, i.e., wallet services, to over 90 thousand. At that, we gained traction in our four main markets – Moldova, Albania, North Macedonia, and Bulgaria.

The quantitative numbers reflect the qualitative dimensions of our business, which we took to a new level in 2022. IuteGroup has developed and rolled out a unified technology platform that drives the instant lending business in all Group countries and will enable cross-border payment business in the future. The fully digital journey within the MyIute app is already on the rise. The cumulative number of MyIute app downloads has increased to 468 thousand. Thanks to the capabilities of our business, organization, processes, and technology, Iute can integrate in a scalable and systematic manner into the online lives of our customers.

In this respect, the seamless integration of Energbank into IuteGroup continues to make progress. Our objective of leveraging the bank’s untapped potential and contributing to the Group’s growth is within reach. In 2022, the bank’s business operations contributed almost 5 million EUR to Group’s net profit while at the same time, we were optimizing management principles and management team, as well as customer-, technology- and data-centric aspects.

IuteGroup continues to invest a great deal of capital and team effort into the four pivots of the Group’s development:

  1. Data Science, essentially an advanced level of linking data points to improve customer experience and sales, while reducing risk and costs. Here, both advanced data management and highly qualified people are needed
  2. Development and launch full range of wallet services, where customers can easily receive any kind of payment to their current account with Iute and conveniently spend it through different digital channels without obligation to walk or talk. Albania will be the first country to go live in H2 2023
  3. Seamless integration of Iute’s credit and payment services into e-commerce
  4. Full digitalization of the customer journey in the first bank within IuteGroup.

Preparations for the refinancing of the outstanding Eurobond in the volume of 50 million EUR are on track. Depending on capital markets’ demand, we evaluate the most advantageous opportunities both for IuteGroup and our bondholders, be it refinancing or redemption. In this context, we are also considering the financing requirements for the Group’s planned growth. Our strategic objective is to reach 1 million performing, i.e., paying, customers within the next three years, which would correspond to a Group balance sheet of 1 billion EUR by the end of 2026. In view of the expected decline in APRs but improved repayment discipline of our customers and increasing use of wallet services, we have set ourselves the ambitious target of generating annual revenue that equals 20% of the balance sheet. Accordingly, our balance sheet must only contain necessary and highly utilized items in order to achieve a 20% net profit margin. For all the above, raising additional debt and equity must be considered. A change in the capital structure in the context of the Group’s development is dependent on the financing conditions so that in the best interest of the Company and the investors, the question also arises as to whether the terms and conditions agreed upon at the time of issuing the Eurobond will not slow down our growth in the future.

By the end of 2023, we expect to have more than 230,000 performing loan customers and 130,000 performing wallet customers. Consolidated balance sheet is estimated to moderately exceed 350 million EUR. We expect revenues from our services of at least 100 million EUR for interest, fees, and charges, and a consolidated net profit of more than 12 million EUR,” said Tarmo Sild, Group CEO of IuteCredit.