
Unaudited results for 3M/2022 – profit on growth in every country, digitalization in every country, acquisition of first bank
STRATEGIC HIGHLIGHTS
- Total number of customers increased by 23,7% to 850 thousand (31 December 2021: 687 thousand).
- Acquisition of controlling stake in Moldovan Energbank with twofold potential for additional revenue streams with Wallet (payments) services and growth of loan portfolio without increased FX exposure.
- Group consolidated balance sheet and equity doubled as at 31 March 2022.
- Increasing use of the digital customer journey with MyIute app being downloaded by 245 thousand customers (31 December 2021: 181 thousand customers).
- Ongoing investment into New Core IT platform for management of customer experience and integrated loans and wallet service value streams.
OPERATIONAL HIGHLIGHTS
- Loan payouts increased 27,9% to 41,7 million EUR (3M/2021: 32,6 million EUR).
- Number of loans signed up y-o-y 127,0% to 73.987 (3M/2021: 32.589).
- Balance sheet up 5,6% to 176,2 million EUR (31 December 2021: 166,8 million EUR).
- Gross loan portfolio up 2,1% to 122,9 million EUR (31 December 2021: 120,4 million EUR) of which principal amount of loans increased 1,9% to 108,0 million EUR (31 December 2021: 106,0 million EUR).
- Repayment discipline (Customer Performance Index, CPI30) significantly improved to an all-time high of 91,0% (3M/2021: 87,9%).
- Net loan portfolio up 2,5% to 108,0 million EUR (31 December 2021: 105,4 million EUR).
- Rollout of 63 cardless ATMs to date cuts intermediaries and reduces need for plastic cards and cuts plastic waste.
FINANCIAL HIGHLIGHTS
- Interest and commission fee income up 22,0% to 13,1 million EUR (3M/2021: 10,7 million EUR) affected by steadily increasing payouts compared to the 18,3% increase in the average net loan portfolio.
- Net interest and commission fee income up 17,4% to 8,8 million EUR (3M/2021: 7,5 million EUR) as a result of increased interest payments related to bonds issuances while cash position remained high.
- Total income up 14,4% to 15,9 million EUR (3M/2021: 13,9 million EUR).
- Cost to income ratio at 44,2% (3M/2021: 38,5%) mainly as result of expenses related to the acquisition of Energbank, recovering business activity and the related normalization of costs as well as strategic initiatives and consulting costs.
- EBITDA adjusted for FX/revaluation up 21,3% to 6,2 million EUR (3M/2021: 5,1 million EUR).
- Net profit at 0,6 million EUR (3M/2021: 1,1 million EUR).
- Strong capitalization and profitability– Eurobond covenants exceeded.
Tallinn, Estonia, 24 May 2022. IuteCredit Europe (“ICE”), a leading European personal finance group, reported today unaudited results for 3M/2022.
At the same time, the digitalization of IuteGroup for even more powerful services and the monet