IuteCredit has reported its unaudited results for 9M 2021. Below, you can read the operational, strategic, and financial highlights of the company’s report, as well as comments from the CEO of IuteCredit.
Earnings call on 18 November
IuteCredit’s CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 9M 2021 results by means of a webcast presentation on 18 November 2021, 10.00 CET. The call will be held in English.
- Loan payouts increased y-o-y with record-high months in July and August with balance sheet up 11,5% to 130,0 million EUR.
- Number of loans signed up y-o-y 33,3% to 216.046 (9M/2020: 162.125).
- Principal amount of loans issued increased 52,7% to 122,9 million EUR (9M/2020: 80,5 million EUR).
- Gross loan portfolio up 20,0% to 114,0 million EUR (31 December 2020: 95,0 million EUR).
- Repayment discipline (Customer Performance Index, CPI30) improving to 86,7% (9M 2020: 84,2%).
- Net loan portfolio up 24.8% to 98,8 million EUR (31 December 2020: 79,2 million EUR).
- Total number of customers increased by 12,4% to 772.463 (31 December 2020: 664.130).
- Increasing use of the digital customer journey with around 130 thousand loan applications via the MyIute app.
- Continued diversification of income opportunities with revenue streams from wallet services.
- Interest and commission fee income up 8,1% to 35,1 million EUR (9M/2020: 32,5 million EUR) affected by steadily increasing payouts compared to the 18,5% increase in the average net loan portfolio.
- Net interest and commission fee income up 3,5% to 25,3 million EUR (9M/2020: 24,4 million EUR) in connection with bond tap in November 2020 issue related to expected business growth.
- Total income up 3,2% to 43,6 million EUR (9M/2020: 42,3 million EUR).
- Cost to income ratio at 38,0% (9M/2020: 26,6%) as result of recovering business activity and the related normalization of costs.
- EBITDA adjusted for FX gains at 15,8 million EUR (9M/2020: 15,7 million EUR).
- Net profit up 14,5% to 4,4 million EUR (9M/2020: 3,8 million EUR).
- Strong capitalization and profitability exceeding Eurobond covenants.
Comment by IuteCredit's CEO
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 an extraordinary experience in personal finance by exceeding customers’ expectations.