ExpressCredit financial results for the year 2017

ExpressCredit group’s turnover for 12 month of the year 2017 reached EUR 18 million and the Group closed a year with consolidated unaudited profit of EUR 3 million.

CORRECTION: Correction in technical issues in attachment file of Financial statements in English.

The Group’s performance during the year 2017 was as planned. The total revenue compared to the corresponding period of the previous year has increased by 17%, while profit has increased by 308%.

The Group’s turnover has increased in all quarters of 2017 compared to 2016, and year 2017 has been the best in the Group’s history in terms of turnover and profitability.

In November 2017, following a predefined strategy, the company started offering its customers  distance loans, thus significantly expanding its range of services. Consequently, ExpressCredit customers can now conclude a loan agreement either through branches or through a developed customer portal, which offers, among other things, to manage customer obligations. Introduction of distance lending gives access to a larger market segment where the Group has not worked so far. As at 30 June 2017, the non-bank lending portfolio in Latvia was EUR 109.9 million. Management believes that the new service will bring additional benefits to our existing customers, and will attract new customers who value the benefits of new technologies.

In 2017 the company has continued to strengthen the reputation of the brand name Banknote and has become one of the most recognizable consumer credit brands in Latvia.

By expanding the range of services offered, the Group has clarified the mission, values and vision of the Banknote brand. The mission, values and vision are as follows:

Mission – Provide simple and valuable financial services to people.

Values –

Simplicity – We always stand for simple and clear services; Accessibility – We are available to everyone and everywhere; Respect – We always treat everyone with respect, we are honest and open; Progress – We seek and find ways how to improve our performance.

Vision – To achieve the highest level of evaluation.

The company informs that by the end of 2017, the investor website has been redesigned, where the current corporate information will be posted on a regular basis.

The company continues to streamline its internal processes to ensure the operations according to expected changes in the Law on Anti Money Laundering and Combating the Financing of Terrorism, as well as adaptation of its activities according to General Data Protection Regulation, which will come into force on May 25, 2018. The Group is also constantly improving its customer solvency assessment. The company informs that only 25.8% of new customer loan applications are approved, while for the repeated customers – 81.3%.

By implementing business strategy and all planned activities the following financial results of the Group were achieved in year 2017 compared to year 2016:

Position EUR, million Change %
Net loan portfolio 13.9 +44.8
Assets 21.3 +33.4
Net profit 2.97 +308.7


The Group’s loan portfolio growth was financed from the profit, cooperating with the mutual lending platform, and during the year 2017 financing was raised by EUR 2 599 000 from closed issue bonds. Bonds were issued in 2016 for EUR 5 million with an annual return of 14%, organized by BlueOrange Bank. As of the end of the period, new bonds have been sold for a total amount of EUR 3 573 000.

SIA ExpressCredit submits unaudited interim consolidated financial statement for the year 2017.

SIA ExpressCredit submits investor presentation for the operational results of 4th quarter of 2017.



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