IuteCredit publishes unaudited results for 3M/2022 – Profit on growth in all countries, digitalization in all countries, acquisition of the first bank

DGAP-News: IuteCredit Finance S.à.rl / Key word(s): Quarterly / Interim statement/Quarterly results
IuteCredit publishes unaudited results for 3M/2022 – Profit on growth in all countries, digitalization in all countries, acquisition of the first bank
24.05.2022 / 07:30
The issuer is solely responsible for the content of this announcement.

IuteCredit publishes unaudited results for 3M/2022
Benefit on growth in all countries, digitization in all countries, acquisition of the first bank


  • The total number of customers increased by 23.7% to 850,000 (December 31, 2021: 687,000).

  • Acquisition of majority stake in Moldovan Energbank with dual potential for additional revenue streams with portfolio services (payments) and loan portfolio growth without increased currency exposure.

  • The Group’s consolidated balance sheet and shareholders’ equity doubled as of March 31, 2022.

  • Growing use of digital customer journey with MyIute app downloaded by 245,000 customers (December 31, 2021: 181,000 customers).

  • Continued investment in New Core IT platform for client experience management and integrated loan and portfolio services value streams.


  • Loan repayments increased by 27.9% to EUR 41.7m (3M/2021: EUR 32.6m).

  • Number of loans signed year-over-year by 127.0% to 73,987 (3M/2021: 32,589).

  • Balance sheet up by 5.6% to EUR 176.2 million (31 December 2021: EUR 166.8 million).

  • Gross loan portfolio up 2.1% to EUR 122.9m (31 December 2021: EUR 120.4m) of which principal loan amount increased by 1.9% to EUR 108.0m EUR (December 31, 2021: EUR 106.0 million).

  • Reimbursement discipline (Customer Performance Index, CPI30) improved significantly to an all-time high of 91.0% (3M/2021: 87.9%).

  • Net loan portfolio up 2.5% to EUR 108.0 million (31 December 2021: EUR 105.4 million).

  • Rolling out 63 cardless ATMs to date reduces middlemen and reduces the need for plastic cards and reduces plastic waste.


  • Interest and fee income up 22.0% to EUR 13.1m (3M/2021: EUR 10.7m) impacted by steadily increasing payments compared to the increase of 18 .3% of the average net loan portfolio.

  • Net interest and fee income up 17.4% to EUR 8.8m (3M/2021: EUR 7.5m) due to higher issue-related interest payments of bonds while the cash position remained high.

  • Total revenue up 14.4% to EUR 15.9 million (3M/2021: EUR 13.9 million).

  • Cost/income ratio at 44.2% (3M/2021: 38.5%) mainly due to expenses related to the acquisition of Energbank, the resumption of commercial activity and the normalization of costs therein partner, as well as strategic initiatives and consulting fees.

  • Currency/revaluation adjusted EBITDA up 21.3% to EUR 6.2m (3M/2021: EUR 5.1m).

  • Net profit of EUR 0.6 million (3M/2021: EUR 1.1 million).

  • Strong capitalization and profitability – exceeding Eurobond covenants.

Tallinn, Estonia, May 24, 2022. IuteCredit Europe (“ICE”), one of Europe’s leading personal finance groups, today released unaudited results for 3M/2022.

“After three years of joint efforts, we have acquired the Group’s first bank. The strategic acquisition of Moldovan Energbank opens up a dual potential of additional service streams for our retail customers and, therefore, revenue streams for IuteGroup. In doing so, we will move from a single service provider to a multi-service provider that creates an extraordinary experience for our customers. In addition to creating long-term value, the acquisition also has immediate benefits for IuteGroup. The consolidated balance sheet doubled to EUR 300 million and shareholders’ equity increased to EUR 50 million. Now, over the next two quarters, we intend for the bank to reshape corporate governance, set up internal lines of communication and align organizations and business measures with IuteGroup principles. . The redesign of service processes for our customers will naturally take a little longer until 2023. The real benefits of the bank for our customers and the subsequent returns of our customers to our income statement should become visible during the course of 2023 .

At the same time, the digitalization of IuteGroup for even more efficient services and the monetization of data continues. Here, the number of MyIute app users had reached 245,000. In addition, IuteGroup is currently in the transition phase to a next-generation IT system that allows for much better data management and data retraining in business .

On the other hand, we felt new headwinds in the first quarter of the current fiscal year 2022. Inflation has been felt across Europe, leaving less flexibility for loan repayments and limiting demand for new loans. So, we are more than happy that the quality of our clients is reflected in a record level of CPI thanks to their loan repayment discipline, but we must also note that our clients tend to be more cautious in taking over new liabilities. Ultimately, sales of new loans were not as strong as expected. The net loan portfolio increased by only EUR 4 million in the first quarter (excluding growth resulting from the acquisition of Energbank).

The Russian invasion and the war in Ukraine also had a negative effect. Customer confidence in Moldova is limited and their borrowings have therefore been more limited. As a result, Albania overtook Moldova in March 2022 as our largest consumer credit market in terms of loan portfolio and revenue.

In summary, we are confident of achieving profitable growth again this year. We look forward to a strong 2022 and beyond. Our goal is to continue to grow our customer pool, expand service value streams, continue digitization and our acquisition policy and ultimately achieve the 2022 revenue target of more than 75 million euros with 300,000 successful customers. The initial annual net profit target has already been exceeded, so the new net profit benchmark is EUR 16 million,” said Tarmo Sild, CEO of IuteCredit Group.

The full unaudited report for 3M/2022 is available at iutecredit.com/reports/.

Call for income:
CEO Tarmo Sild and CFO Kristel Kurvits along with IuteCredit Moldova CEO Lilian Guzun will comment on the unaudited 3M/2022 results through a webcast presentation at May 25, 2022, 10.00 CEST. The webcast/call will be in English.

Please register on time to participate in the webcast/call to:
IuteCredit Europe – 3M 2022 earnings call.

The corresponding presentation will also be available on the Company’s website prior to the webcast/earnings call.

Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: investor@iutecredit.com
Call: +372 622 9177

About IuteCredit Group:
IuteCredit Group – established in 2008 – is a leading European fintech company. The Group specializes in consumer credit and payment services through its wholly-owned subsidiaries. Iute currently serves clients in Moldova, Albania, North Macedonia, Bulgaria as well as Bosnia and Herzegovina under the brands “MyIute” and “IuteCredit”, while expanding its ecosystem of services, geographies and brands.

The Group’s main loan products are unsecured installment loans and buy-now-pay-later loans with maturities between 1 month and 48 months and secured loans with maturities up to 72 months. Loans are granted through online shops, Iute website, MyIute app, branch network, merchants and partners.

Iute’s payment services vary from country to country between complete solutions provided as a bank and partial solutions subject to the license issued in a given country. The Group operates its own network of vending machines accessible via the MyIute application.

The Group finances its loan portfolios with equity, with covered bonds traded on the regulated market of the Frankfurt Stock Exchange and on the main list of Nasdaq Baltic and with deposits (as a bank in a given country).

IuteCredit’s mission is to create the extraordinary personal finance experience by exceeding customer expectations.


24.05.2022 Broadcast of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
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