Tallinn, Estonia, 16 November 2021. IuteCredit Europe (“ICE”), a leading European personal finance group, reported today unaudited results for 9M/2021.
“IuteCredit made good money while growing and investing in future technologies and expansion in 9M 2021. In doing so, we ploughed a significant part of our extra cash (EUR 15 million by end of Q2) into a productive loan portfolio. At the same time, our equity buffers are beefing up and providing protection for bondholders‘ capital against risk incurred by lending to individual customers. As of 30 September 2021, IuteCredit accounted for nearly 150 thousand performing individual customers, who continued to repay their loans regularly per schedule. From defaulted customers, IuteGroup is recovering an average of 40% of the principal amount in cash within the first 180 days after the default. Last but not least, we experienced overwhelming investor trust in us when our initially planned EUR 50 million bond offer was oversubscribed by EUR 35 million, while the bond coupon was reduced to 11%. The positive operating cashflow, rising customer demand, and the supply from capital markets make us content.
Based on the achieved revenues and balance sheet structure, we are confident to lift IuteGroup’s consolidated revenue in full-year 2021 to EUR 60 million (initially exceeding EUR 55 million) and to surpass the net profit in line with the original forecast of over EUR 6 million,” said Tarmo Sild, Group CEO of IuteCredit.
The full unaudited report for 9M/2021 is available under iutecredit.com/reports/.
CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 9M/2021 results by means of a webcast presentation on 18 November 2021, 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 9M 2021.
The corresponding presentation will also be available on the Company’s website prior to the earnings webcast/call.