SIA DelfinGroup publishes unaudited financial statements for the first half of 2020

In the first half of year 2020, the company’s turnover has increased by 7.3% compared to the corresponding period of year 2019, reaching € 10.9 million, while the profit reached € 2.03 million.

DelfinGroup’s vision is to achieve the highest level of recognition based on the company’s values – simplicity, accessibility, respect, progress, ambition, mastery, and focus on the client.

In the 1st half of 2020, DelfinGroup operated in accordance with the company’s values, strategy and set goals, as well as the operation, was subordinated to the state of emergency declared on 12 March 2020 in connection with COVID-19. DelfinGroup successfully responded to the crisis. The company’s focus was on securing cash reserves and reviewing its cost structure. In addition, a stricter assessment of customers’ solvency was introduced, resulting in lower lending. Due to the crisis, there was also less natural demand for the company’s services. With the lifting of emergency measures, DelfinGroup adjusted its strategy and returned to its previous growth rate.

Agris Evertovskis, Chairman of the Board, said: “It is a great satisfaction that thanks to good strategic planning and strategy execution in an unclear, very serious situation with many unknowns, the current performance has been achieved. In my opinion, this is a great indication for investors, employees and cooperation partners about the high professionalism of our team ”.

Didzis Ādmīdiņš, Member of the Board of SIA DelfinGroup and the Executive Director responsible for the consumer lending segment, added: “The company’s conservative credit policy has justified itself, as the share of bad loans was not significantly affected during the crisis. Even improvements have been observed in certain segments. We are actively working both during the crisis and now to introduce product improvements and be able to provide better customer service to our clients.

As the time of the emergency proved, the pawnbroking product supports the company with a stable revenue base even in times of economic downturn. At the beginning of the second quarter, the temporary decline in pawn loan interest income was successfully offset by the growth of income from the sales in pawn stores in 87 branches and on the internet ”, adds Ivars Lamberts, Member of the Board and Commercial Director.

Despite all circumstances, a positive signal to our work is the very successful attraction of bond financing at the end of the 1st half of 2020 and the full redemption of all available corporate bonds, which confirms the return of investor activity and evaluation of the company’s performance,” concludes Kristaps Bergmanis, Member of the Board and Finance Director.

In the 2nd quarter of 2020, the company attracted additional financing in the amount of € 0.98 million for the bonds ISIN LV0000802379 issued on 15 November 2019, which have been issued as of 31 July 2020 in the full amount of € 5 000 000. The funds raised were used to partially repay the existing liabilities to Mintos investors and the principal amount of ISIN LV0000801322 bonds.

Following the impact of COVID-19 in Europe in the 1st half of 2020, investor activity on Mintos declined, resulting in increased funding costs, which returned to pre-crisis levels at the end of the period.

By implementing the business strategy and planned measures, as well as introducing emergency solutions in response to the impact of COVID-19, the following financial results of the Group were achieved in the 1st half of 2020:


   EUR, million

    Change* in %

Net loan portfolio


        +  2.2



        +  7.7

Net profit


         –  0.5

* Net loan portfolio and assets compared to 31.12.2019.

Net profit is compared to the corresponding period of 2019.

View an unaudited condensed consolidated DelfinGroup report for the first half of 2020.

View an investor presentation on the results of DelfinGroup operations in the 2nd quarter of 2020


SIA DelfinGroup is a licensed consumer lending company founded in 2009. The Group is represented by Banknote, VIZIA and Riga City Pawnshop brands. The Group’s core services are pawnbroking loans, consumer loans, as well as senior loans, the terms of which are specially adapted for seniors. The Group operates in 38 Latvian cities and towns with a total of 87 Banknote branches, and the company is also represented in the digital environment with remote service provision in the field of consumer loans and online store. The company employs more than 270 professionals and paid € 2.97 million in taxes in 2019. SIA DelfinGroup is a member of LAFPA and LTRK and has received the Gold level status of the SRS cooperation program.

SIA DelfinGroup has issued bonds that have been listed on the Nasdaq Riga stock exchange since 2014. The company’s investors include both individuals and institutional investors from Latvia, Lithuania, Estonia, and other countries.


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