IuteCredit reports unaudited results for 9M/2019

Published on: 29 Nov 2019

Continued double trajectory of growth and expansion – remaining profitable


– Group loans issued doubled to 105 million EUR (9M/2018: 52 million EUR)

– Interest and similar income up more than two-fold to 32.1 million EUR (9M/2018: 14.3 million EUR)

– Net interest income up 118.8% to 25.6 million EUR (9M/2018: 11.7 million EUR)
– EBITDA (adjusted) increased by 34.3% to 14.1 million EUR (9M/2018: 10.5 million EUR) – Net profit at 5.7 million EUR (9M/2018: 6.7 million EUR) impacted by investments

– Outlook 2019: 150 million EUR loans issued to +200,000 customers with net loan portfolio above 100 million EUR mark confirmed, interest and similar income of 49.5 million EUR (before: 55 million EUR) with a net profit margin of 18% (before: at least 20%) slightly below expectations

Tallinn, Estonia, 29 November 2019. IuteCredit Europe (“ICE”), a leading European personal finance group, reported today unaudited results for 9M/2019.

“IuteCredit Group continues on its double trajectory of growth and expansion while remaining profitable at the same time. The 9-months results are satisfactory, in particular, in a market environment that is both extremely competitive and strictly regulated. We are well equipped also to cope with headwinds.

Our total pool of customers grows fast, while IuteCredit customers still repay very well. It is particularly important to note that we have good cashflow results with customers who fall into delay or even default. Cashflow remains the most important performance indicator in our business and IuteCredit is very strong on cashflow.

For the full year 2019, we expect to exceed our own targets with more than 150 million EUR in loans issued to over 200.000 customers. This corresponds to a net loan portfolio close to EUR 100 million. However, unexpectedly higher regulatory costs and lower APRs required adjustments to our targets. Considering that IuteCredit is also shouldering the costs for two start-ups in Bosnia and Herzegovina and Bulgaria, the performance is really satisfying”, said Tarmo Sild, Group CEO of IuteCredit.

Earnings Call:

CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited results by means of a presentation. The call will be held in English.


The corresponding presentation is available on the Company’s website prior to the earnings call. The full unaudited report for 9M/2019 is available under https://iutecredit.com/investor-relations/#reports