IuteCredit reports unaudited results for 12M/2021

Year of growth reflects evolution towards fully digitized customer solutions and diversified revenue streams


  • Loan payouts increasing y-o-y up 41,9% to 167,0 million EUR (12M/2020: 117,7 million EUR).
  • Number of loans signed up y-o-y 31,0% to 291.439 (12M/2020: 222.418).
  • Balance sheet up 43% to 166,8 million EUR (31 December 2020: 116,6 million EUR) resulting from increase in cash position and loans paid out to customers.
  • Gross loan portfolio up 26,6% to 120,4 million EUR (31 December 2020: 95,0 million EUR) of which principal amount of loans increased 34,1% to 106,0 million EUR (12M/2020: 79,0 million EUR).
  • Repayment discipline (Customer Performance Index, CPI30) improving to 86,7% (12M/2020: 84,7%).
  • Net loan portfolio up 33,1% to 105,4 million EUR (31 December 2020: 79,2 million EUR).
  • Total number of customers increased by 12,4% to 811 thousand (31 December 2020: 687 thousand).


  • Increasing use of the digital customer journey with around 180 thousand loan applications via the MyIute app.
  • Continued diversification of income opportunities with revenue streams from wallet services including payment functions.
  • Rollout of 30 cardless ATMs to date cuts intermediaries and reduces need for plastic cards and cuts plastic waste.


  • Interest and commission fee income up 8,7% to 48,3 million EUR (12M/2020: 44,5 million EUR) affected by steadily increasing payouts compared to the 34,1% increase in the average net loan portfolio.
  • Net interest and commission fee income only up 1,5% to 34,0 million EUR (12M/2020: 33,5 million EUR) as a result of increased interest payments related to bonds issuances while cash position remained high.
  • Total income up 9,1% to 61,2 million EUR (12M/2020: 56,1 million EUR).
  • Cost to income ratio at 40,3% (12M/2020: 32,5%) as result of recovering business activity and the related normalization of costs as well as strategic initiatives and consulting costs.
  • EBITDA adjusted for FX/revaluation gains at 22,8 million EUR (12M/2020: 20,9 million EUR).
    Net profit up 15,7% to 6,1 million EUR (12M/2020: 5,2 million EUR).
    Strong capitalization with profitability affected by cash position – Eurobond covenants still exceeded.

Tallinn, Estonia, 17 February 2022. IuteCredit Europe (“ICE”), a leading European personal finance group, reported today unaudited results for 12M/2021.

“2021 was the year of growth for IuteGroup, reflecting its evolution towards fully digitized customer solutions and diversified revenue streams, including now payment services. Contributing factors were our even more sustainable credit practices, which entail larger loan amounts for longer periods, but at lower interest for our customers. As expected, the average annual percentage rate (APR) of loans issued decreased to below 50%.

After a slower than expected start to the year 2021, IuteGroup achieved its downward adjusted annual goals. Revenue increased by 10% to 61 million EUR with over 200 000 active loan and wallet customers, slightly above expectations. On the bottom line, as expected, IuteGroup generated a net profit of 6 million EUR, corresponding to an increase of 15%. By contrast, the 43% increase in total assets to 166 million EUR was slightly below the target of 170 million EUR.

Digitalization and new service value streams not only contributed a great deal to growth in the past financial year. They are even more important for our future as preconditions for seamless integration of Iute with e-commerce solutions. Impressive evidence includes more than 180,000 MyIute app users, over 30 self-operated ATMs, and other fintech solutions from IuteGroup by the end of 2021. Having obtained an e-money license in Albania is just another example. The investments we have made over the past two years in the unstoppable process of digitization are therefore already paying off.

The balance sheet with an excess of cash also points to the main challenge for the Group’s performance. Here, 46 million EUR represents almost 28% of the Group’s assets by end of 2021. Accordingly, the entire Iute team is hyper-focused on converting this cash into a productive asset by 2022.

For the financial year 2022, the management aims to increase IuteGroup’s performing customer pool to more than 300,000 people and grow its consolidated balance sheet to at least 300 million EUR. With a trend towards an APR of 40%, revenues from loan and wallet services are expected to exceed 75 million EUR and net profit to increase to over 8 million EUR. The bond covenants will be met while the Group dividend policy will be executed,” said Tarmo Sild, Group CEO of IuteCredit.

The full unaudited report for 12M/2021 is available under https://iute.com/investor/#reports.

Earnings Call:

CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 12M/2021 results by means of a webcast presentation on 18 February 2022, 10.00 CET. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
IuteCredit Europe – Earnings Call 12M 2021.

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