IuteCredit reports unaudited results for 3M/2021: Drive for growth is stronger than third-wave headwinds

Tallinn, Estonia, 18 May 2021. IuteCredit Europe, a leading European personal finance group, reported today unaudited results for 3M/2021.

“Macroeconomic development in Q1 was not as positive as we had expected after the second wave of the coronavirus pandemic and even before Christmas. Instead, lockdown measures in reaction to the third wave limited loans demand in shops and also cut off customers from their income streams in varying degrees. To make matters worse, the start of vaccinations in the Balkan countries did not progress as fast as in most EU countries. And, infection, hospitalization, and mortality rates per 100,000 population beat the records. Yet, the public spirit and the joy of life in our markets remained strong. Although we missed our own growth targets, we succeeded in achieving a small growth when the third wave hit full force. No comparison with the previous year, when we met the first wave with a strong contraction of the balance sheet and experienced a temporary freefall in our customers’ repayments. So, no doubt, this year is much better, we have retained the drive for growth and this drive is stronger than the third wave in its full fledge.

So investors’ money continues to be invested productively. According to our current assessment, we will need more capital during 2021 to finance growth given the downward trend of APRs.

Taking into account the just-completed Q1 and the continued volatile prospects, our growth outlook for 2021 obviously needs to be adjusted, too. We expect total assets to increase to 170 million EUR by the end of the year and total sale revenue to exceed 55 million EUR, with net profit above 6 million EUR,” said Tarmo Sild, Group CEO of IuteCredit.

The full unaudited report for 3M/2021 is available under iutecredit.com/reports/.

Earnings Call:
CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 3M/2021 results by means of a webcast presentation on 20 May 2021, 10.00 CEST. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
IuteCredit Europe – Earnings Call 3M 2021.

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