DGAP-News: IuteCredit Finance S.à.r.l.
/ Key word(s): Annual Results
IuteCredit reports unaudited results for 12M/2021
Tallinn, Estonia, 17 February 2022. IuteCredit Europe ("ICE"), a leading European personal finance group, reported today unaudited results for 12M/2021. "2021 was the year of growth for IuteGroup, reflecting its evolution towards fully digitized customer solutions and diversified revenue streams, including now payment services. Contributing factors were our even more sustainable credit practices, which entail larger loan amounts for longer periods, but at lower interest for our customers. As expected, the average annual percentage rate (APR) of loans issued decreased to below 50%. After a slower than expected start to the year 2021, IuteGroup achieved its downward adjusted annual goals. Revenue increased by 10% to 61 million EUR with over 200 000 active loan and wallet customers, slightly above expectations. On the bottom line, as expected, IuteGroup generated a net profit of 6 million EUR, corresponding to an increase of 15%. By contrast, the 43% increase in total assets to 166 million EUR was slightly below the target of 170 million EUR. Digitalization and new service value streams not only contributed a great deal to growth in the past financial year. They are even more important for our future as preconditions for seamless integration of Iute with e-commerce solutions. Impressive evidence includes more than 180,000 MyIute app users, over 30 self-operated ATMs, and other fintech solutions from IuteGroup by the end of 2021. Having obtained an e-money license in Albania is just another example. The investments we have made over the past two years in the unstoppable process of digitization are therefore already paying off. The balance sheet with an excess of cash also points to the main challenge for the Group's performance. Here, 46 million EUR represents almost 28% of the Group's assets by end of 2021. Accordingly, the entire Iute team is hyper-focused on converting this cash into a productive asset by 2022. For the financial year 2022, the management aims to increase IuteGroup's performing customer pool to more than 300,000 people and grow its consolidated balance sheet to at least 300 million EUR. With a trend towards an APR of 40%, revenues from loan and wallet services are expected to exceed 75 million EUR and net profit to increase to over 8 million EUR. The bond covenants will be met while the Group dividend policy will be executed," said Tarmo Sild, Group CEO of IuteCredit. The full unaudited report for 12M/2021 is available under iutecredit.com/reports/. CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 12M/2021 results by means of a webcast presentation on 18 February 2022, 10.00 CET. The webcast/call will be held in English. Please register in time to participate in the webcast/call at: The corresponding presentation will also be available on the Company's website prior to the earnings webcast/call. Kristel Kurvits, Group Chief Financial Officer (CFO) IuteCredit - established in 2008 - is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, and Bulgaria as well as Bosnia and Herzegovina. IuteCredit's loan products are unsecured consumer loans with maturities between 1 month and 48 months and car-secured loans with maturities up to 72 months. The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations. www.iutecredit.com 17.02.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | IuteCredit Finance S.à.r.l. |
14, rue Edward Steichen | |
2540 Luxembourg | |
Luxemburg | |
ISIN: | XS2033386603, XS2378483494 |
WKN: | A2R5LG , A3KT6M |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1282219 |
End of News | DGAP News Service |
1282219 17.02.2022