DelfinGroup reports that it has maintained stable growth indicators in all segments of its business in the third quarter of 2022. The company has provided the following operational and financial information:
DelfinGroup’s company’s income increased 48% year-on-year in Q3, reaching €9.6m. In addition, profit before taxes rose 49%, to €1.8m, while the loan portfolio grew 39% since the beginning of the year, reaching €59.7m.
DelfinGroup’s total income in the first nine months of this year was €25.7m, an increase of 39% compared to the same period of 2021, while profit before taxes for the same period reached €5.4m, an increase of 55% year-on-year.
“It was another successful quarter for the company as we met the set growth indicators. Furthermore, for DelfinGroup shareholders, the company's rapid expansion means stable returns. The stable growth of the company makes it possible for us to offer our clients more and more modern services. As an example, in late summer, we opened the updated Banknote online shop at veikals.banknote.lv, which is currently the biggest circular economy online shop selling verified pre-owned, slightly pre-owned, and new goods in Latvia. The online shop update has also brought the first positive results: in the third quarter, the sale of goods already reached €3.3m, a 43% increase compared to the third quarter of last year.
“In the first nine months of this year, we issued €57.7m in loans, representing a 65% year-on-year increase. Also, in the third quarter of this year, we issued €22.2m worth of loans, which is 54% more than last year's third quarter. These stable growth indicators demonstrate that the services offered by DelfinGroup – both in the personal loans and circular economy segments – enjoy demand across the entirety of the economic cycle, be it periods of high uncertainty and recession or those of expansion and growth. Therefore, we are confident that, even today, with a lot of uncertainty in the international financial markets, we can provide our shareholders with stable and regular returns through dividends.”
In light of this year’s results, the company has updated its financial goals until 2024, raising the forecast for 2024 and setting new goals for 2023.
About DelfinGroup
DelfinGroup was founded in 2009 and is the owner company of the loan originators Banknote and VIZIA. DelfinGroup is the second-largest non-bank consumer lender in Latvia. Since its inception, the company has issued more than €371 million of pawn loans and consumer loans, and the client base has reached 400 000 customers. Banknote offers personal loans and pawn loans (loans secured with personal property) in its 93 branches across Latvia. VIZIA specializes in consumer loans, focusing on medium-to-higher income customers and their financial needs in various life situations. Shares of DelfinGroup are listed on the Nasdaq Baltic Main list.
Since 6 May 2021, there have been changes in the ownership structure, and some equity investors have overlapped with Mintos.
