Published on: 22 Aug 2019
Growth in line with targets
OPERATIONAL AND FINANCIAL HIGHLIGHTS
– Group loans issued more than doubled by 120.4% to 70,126 thousand EUR (H1/2018: 31,815 thousand EUR)
– Interest and similar income up two-folded by 114,4% to 17,816 thousand EUR (H1/2018: 8,311 thousand EUR)
– Doubled net interest income of 113.0% to 14,471 thousand EUR (H1/2018: 6,793 thousand EUR)
– Net profit increased strongly by 8.7% to 3,757 thousand EUR (H1/2018: 3,457 thousand EUR)
– Outlook 2019: 150 million EUR loans issued to +200,000 customers with net loan portfolio above 100 million EUR mark, revenues to exceed 55 million EUR with a net profit margin of at least 20%
Tallinn, Estonia, 22 August 2019. IuteCredit Europe (“ICE”), a leading European personal finance group reported today unaudited results for H1/2019.
“The growth of our customer database in the first six months of 2019, to almost 500,000 customers with 40,000 installment loan applications processed per month, underlines IuteCredit’s continued expansion in line with its targets. Having grown profitably, in particular in topline, we will continue to focus on improving the OPEX in the further course of the year.
It is our mission, particularly in view of rising regulatory requirements and the resulting decline in credit yields, to be ahead of the competition in terms of costs, and at the same time to create the extraordinary experience in the field of personal finance by exceeding customers’ expectations.
For 2019 as a whole, we aim to issue more than 150 million EUR worth loans to more than 200,000 customers with the net loan portfolio growing past the 100 million EUR mark. Group revenues are expected to exceed 55 million EUR with a net profit margin of at least 20%”, said Tarmo Sild, Group CEO of IuteCredit.