By continuing to develop both in-person branches and digital solutions, Latvian fintech company DelfinGroup has increased its business results in retail and loan issuance in the second quarter of 2024 compared to the same period last year.
Summarising the results of the operations of the company in a 6-month period, sales of pre-owned, slightly pre-owned and new goods reached 7.7 million euros, 9% more than in the first half of 2023. Meanwhile, in the second quarter of 2024, sales reached 4 million euros, up 11%.
"The business model of DelfinGroup is focused on diversity and the accessibility of financial services. In addition, we are known in the retail for our current circular economy approach, providing the opportunity to sell and buy pre-owned and verified goods. We currently operate the largest online shop in Latvia with 50 000 pre-owned, slightly pre-owned and new products," says Didzis Admidinš, Chairman of the Management Board of DelfinGroup.
Meanwhile, in the second quarter of this year total amount of loans issued by the company saw a 20% increase, with loans amounting to 26.1 million euros. The consumer lending segment saw the strongest growth in the second quarter of this year, with loans worth 19.6 million euros, up 24% compared to the same period last year, while the pawn lending segment grew by 8%, with loans amounting to 6.5 million euros.
In the first six months of the year, consumer loans amounted to 38.3 million euros, or 13% more than in the same period last year. Pawn loans increased by 10% to 12.9 million euros. The total amount of loans issued by the company during the period was 51.1 million euros.
D. Admidinš continues: "In order to be accessible to our customers, we continue to develop both in-person and digital channels in a targeted manner. For example, we have just expanded the Banknote network with another Banknote XL branch opening in Daugavpils, so physical coverage across the whole territory of Latvia is consistently at the top of our priorities. Digital channels and the innovative digital pawnshop also continue to perform well. In addition, our business reach is now not only Latvia but also Lithuania, so we are strengthening our team with professionals who have extensive international experience. Working in all these areas and developing them has a positive impact on the business results of the company."
| Q2 2024 | Q2 2023 | Change % | 6M 2024 | 6M 2023 | Change % | |
| Consumer loan issuance ('000 EUR) | 19 563 | 15 722 | +24% | 38 264 | 33 984 | +13% |
| Pawn loan issuance ('000 EUR) | 6 525 | 6 030 | +8% | 12 846 | 11 715 | +10% |
| Total loan issuance ('000 EUR) | 26 087 | 21 752 | +20% | 51 110 | 45 699 | +12% |
| Sale of pre-owned goods ('000 EUR) excl. VAT | 3 966 | 3 586 | +11% | 7 670 | 7 020 | +9% |
About DelfinGroup
AS DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia and Lithuania. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy.
For further information, please contact:
Arturs Dreimanis,
DelfinGroup Investor Relations Manager
Phone: +371 26189988
E-mail: IR@delfingroup.lv
