IuteCredit reports unaudited results for 12M/2022

Results reported showed impressive growth across several key performance indicators, indicating that the group is well on its way to becoming a profitable fintech bank. The company has provided the following operational and financial information:

The strategic highlights for the year include an increase in the number of active customers, doubling of equity, and the expansion of the group’s consolidated balance sheet. The report also highlights significant improvements in repayment discipline and an increase in the number of loans signed up year-on-year.

Growth in number of active customers reached 

The number of active customers reached 293 000. Additionally, IuteCredit saw an increase in the total number of customers in 2022 by 14.4% (from 811 000 in 2021 to 928 000 in 2022). The revenue per customer also increased to €346 from €300, indicating that customers are taking out larger loans or using more of the group’s services.

Loan Payouts

Loan payouts increased by 30.1% to €218.8 million, with the number of loans signed up year-on-year increasing by 19.9% to 349 000. IuteCredit’s gross loan portfolio grew to €163.1 million, an increase of 35.5%. The net loan portfolio increased to €145.4 million, an increase of 38% compared to the previous year.

Overall financial performance

The group’s consolidated total income before expenses increased by 45.7% to €89.2 million, while EBITDA almost doubled to €45.1 million. Additionally, the group’s net profit increased to €19.6 million, more than tripling compared to the previous year.

The interest and commission fee income increased by 25.1% to €60.5 million, driven by the loan portfolio growth. Total revenue increased to €72.5 million, up 18.5% compared to the previous year. However, the cost-to-revenue ratio increased to 45.4%, mainly due to expenses related to the acquisition of Energbank and expenses for building up future revenue streams. 

Future growth

IuteCredit is preparing to deploy new technologies, organizational models, and business processes for Energbank, indicating that it has not yet achieved all its growth targets. The company also reported an increasing use of its MyIute app, with 477 000 users by the end of 2022. The app is expected to play a significant role in driving the company’s future growth.

Overall, 2022 was a significant year for IuteGroup: 

“2022 was a truly memorable year for IuteGroup. The successful completion of many of the initiatives we launched in previous years to a great deal coincided with the external factors they were designed to address, such as new regulations, rising inflation, and highly selective customer demand. As such, we are pursuing targeted initiatives that should contribute to sustainable growth in the years to come.”

About IuteCredit Group

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.


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