CreamFinance reports that 2021 was a record-setting year for the company, finishing with a €3.4 million net profit – the highest in Group’s history. It also reports that it continued to improve on these results during Q1 2022. CreamFinance has provided the following operational and financial information:
FY 2021 Results
Although annual revenue slightly decreased by 9% in 2021 compared to 2020 (totaling €45.4 million in 2021), the Groups increase in profitability can be attributed to the further improved efficiency of operations and risk measurement following the first year of the COVID-19 pandemic.
Credit issuance also recovered in 2021, with 23% higher volumes being issued in December 2021 compared to December 2020 and total principal issued in 2021 amounting to as high as €161 million. This led to net loan portfolio growth of 16.2% compared to 2020, reaching €35 million by the end of 2021.
The equity-to-asset ratio has further strengthened, reaching 22.1% (a 4.5% increase compared to 2020).
The strong performance of the Group continued in Q1 of 2022, with the quarterly net profit reaching €1.3 million.
Situation regarding the war in Ukraine
Since the start of the war, CreamFinance has not encountered any disruption of its business. However, the Group continues to monitor the situation daily, analyses the potential impact on its operations, and prepares and executes plans accordingly.
Financials
Profit & Loss
2022 Q1
2021, €
2020, €
Revenue
14 138 508
45 436 932
49 990 588
Gross profit
6 124 903
19 487 417
15 065 135
Operating profit
1 465 869
4 608 643
402 132
Net profit
1 322 298
3 403 510
-829 213
2022 Q1
2021, €
2020, €
Reve-nue
14 138 508
45 436 932
49 990 588
Gross profit
6 124 903
19 487 417
15 065 135
Operating profit
1 465 869
4 608 643
402 132
Net profit
1 322 298
3 403 510
-829 213
Balance Sheet
2022 Q1
2021, €
2020, €
Net portfolio
37,540,756
35 011 156
30 157 632
Total assets
65,579,963
66 248 576
62 984 029
Total equity
15,930,850
14 693 268
11 075 907
Equity / assets
24%
22%
18%
About CreamFinance
Consumer finance services provider CreamFinance focuses on relevant, value-added data, otherwise referred to as Smart Data. Utilizing advanced algorithms and machine-learning capabilities to quickly evaluate and score loans, CreamFinance offers a highly customized approach to the personal loan process in a speedy and reliable manner. It aims to become a one-click loan provider to consumers across the globe. Currently, the company is fully operational in five countries (Latvia, Poland, Czech Republic, Mexico, and Spain), with an IT office in Austria. Cream Finance Holding LTD provides a group guarantee. This means it will ensure the execution of the buyback obligations.
