IuteCredit reports unaudited results for 6M/2022

Continuation of profitable growth and progress in achieving strategic goals


  • Total number of customers increased by 40,6% to 966 thousand (31 December 2021: 687 thousand).
  • Acquisition of controlling stake in Moldovan Energbank and progress in achieving operational control with twofold potential for additional revenue streams with Wallet (payments) services and growth of loan portfolio without increased FX exposure.
  • Group consolidated balance sheet up 79,2% to EUR 298,9 million and equity almost doubled to EUR 50,6 million as of 30 June 2022.
  • Increasing use of the digital customer journey with MyIute app being downloaded by 313 thousand customers (31 December 2021: 181 thousand customers).
  • Increased investment into New Core IT platform for management of customer experience and integrated loans and wallet service value streams.


  • Loan payouts increased 31,1% to 97,9 million EUR (6M/2021: 74,7 million EUR).
  • Number of loans signed up y-o-y 20,2% to 165.148 (6M/2021: 137.367).
  • Balance sheet up 8,7% to 181,2 million EUR (31 December 2021: 166,8 million EUR).
  • Gross loan portfolio up 15,0% to 138,4 million EUR (31 December 2021: 120,4 million EUR) of which principal amount of loans increased 16,3% to 123,3 million EUR (31 December 2021: 106,0 million EUR).
  • Repayment discipline (Customer Performance Index, CPI30) significantly improved to an all-time high of 91,1% (6M/2021: 87,9%).
  • Net loan portfolio up 15,7% to 121,9 million EUR (31 December 2021: 105,4 million EUR).
  • Rollout of 68 cardless ATMs to date cuts intermediaries and reduces need for plastic cards and cuts plastic waste.


  • Interest and commission fee income up 17,5% to 27,5 million EUR (6M/2021: 23,4 million EUR) affected by steadily increasing payouts compared to the 93,2% increase in the average net loan portfolio.
  • Net interest and commission fee income up 11,1% to 18,9 million EUR (6M/2021: 17,0 million EUR) as a result of increased interest payments related to bonds issuances.
  • Total income up 14,6% to 33,5 million EUR (6M/2021: 29,2 million EUR).
  • Cost to income ratio at 43,5% (6M/2021: 36,0%) mainly as result of expenses related to the acquisition of Energbank, increasing business activity, and expenses for buildup of future revenue streams.
  • EBITDA adjusted for FX/revaluation and income from Energbank up 10,6% to 12,5 million EUR (6M/2021: 11,3 million EUR).
  • Net profit adjusted for income from Energbank at 2,0 million EUR (6M/2021: 3,0 million EUR).
  • Strong capitalization and profitability– Eurobond covenants exceeded.

Tallinn, Estonia, 24 August 2022. IuteCredit Europe (“ICE”), a leading European personal finance group, reported today unaudited results for 6M/2022.

“In the first six months of 2022, IuteGroup has increased its customer pool, productive assets, revenue, and net profit, while undergoing major changes in its technological base and multinational, multi-regulatory organizational structure. The successful acquisition of the first bank into the Group, the ongoing digital onboarding of MyIute app customers, a dedicated team, and strong financial discipline have converged into 40 million EUR revenue from our customers and a six-month net profit of 13 million EUR as a result of our work.

The consolidated balance sheet, inclusive of both IuteCredit and EnergBank’s businesses as of the end of June remained at the 300 million EUR mark compared to the end of Q1. In contrast, the net loan portfolio grew by 10% to 171 million EUR. This means that between April and June we have placed a larger part of assets into yielding production. Both the IuteCredit and EnergBank businesses were profitable stand-alone. Performing loan customers exceeded 168,000  (3M/22: 160,000) and performing wallet customers number exceeded 85,000 by the end of the reporting period (3M/22: 83,000).

The numbers above tell a story: We are making tactical progress in several directions in pursuit of the strategical objective to have one million customers by the end of 2024 by offering both loans and payment services.

The MyIute app has been downloaded by more than 300,000 people. At the same time, our customers continuously ask for more and more comfort features and financial products. We are specifically developing the backend so that these features and products run automatically or with only the customer’s own input, yet in a personalized manner. In Macedonia, for example, we have so far achieved with New Core that 17% of loans are processed fully automatically and approved instantly online, based on personal assessment and personalized product parameters.

At the same time, we are making progress in taking operational control of Energbank. The acquisition of a 95% stake has proven to be very profitable for IuteGroup. As of 30 June 2022, IuteGroup’s consolidated equity totaled 50 million EUR, a meaningful leap from the pre-acquisition level of 25 million EUR as of 31 December 2021. Yet, the Bank itself is already profitable before the start of its operational and digital turnaround we envisage for the period 2022-2023.

In the IuteCredit business, loan portfolio and revenues continued to grow, while revenues structure diversified further. To date, 96% of revenues are from various loan-related services (loan revenues) and 4% are from payment services (wallet revenues).

For the full year 2022, we stick to the Group’s revenue and net profit expectations. We expect consolidated revenues of at least 75 million EUR (40 million EUR achieved in H1 2022) and a net profit of at least 16 million EUR (13 million EUR achieved by H1 2022),” said Tarmo Sild, Group CEO of IuteCredit.

The full unaudited report for 6M/2022 is available under iutecredit.com/reports/.

Earnings Call:

CEO Tarmo Sild and CFO Kristel Kurvits as well as IuteCredit Moldova CEO Lilian Guzun will comment on the unaudited 6M/2022 results by means of a webcast presentation on 26 August 202210.00 CEST. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
IuteCredit Europe – Earnings Call 6M 2022. The corresponding presentation will also be available on the Company’s website prior to the earnings webcast/call.