The Group’s operations during the period has been successful. In 2016 the new amendments to legislation came into force, which led to significantly lower interest rates on consumer loans. Consequently, in line with expectations, total revenues in the period fell by 13.2% against 2015 and reached 15 081 843 euro.

The Group's strategy in year 2016 included the increase in loan portfolio and reduction of the cost base. According to the strategy, substantial investments were made in the Group's "Banknote" product and brand awareness. During the period a new consumer credit brand "MoneyMetro" was developed and implemented in three branches of the Group. Facilitated demand for the Group’s lending services resulted in increase of the loan portfolio. In 2016 Group invested in IT development and carried out business process optimization, which helped to develop lending services and provide cost reduction. In addition, the work on the training of personnel was carried out in order to improve and maintain high quality and efficient customer service.

By implementing strategy and all the measures the following financial results of the Group were achieved:

• during 2016 net loan portfolio increased by 77% to 11.5 million euro;
• the Group’s total assets as at 31 December 2016 was 16 million euro;
• Consolidated unaudited profit of 2016 was 985 355 euro (in 2015: 1 436 086 euro).

Compared with the 2015 second half results of 2016 the consolidated profit for the period was 30% higher and amounted to 0.65 million euro (2015 second half of the year 0.5 million euro).

The Group's loan portfolio growth has been funded from the profits, from the cooperation with the mutual lending platform, as well as at the end of 2016 the Group issued closed new bond issue in the amount of 5 million euro.

Future prospects

In 2017 the company plans to strengthen its market leading position by investing in IT development, improving the branch network, investing in brand and product awareness and enhancing customer service quality. It is planned that the Group's loan portfolio will increase, and profit dynamics will be higher than 2016 results.

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SIA ExpressCredit is a licenced non-banking consumer crediting company established in 2009. SIA ExpressCredit operates under the brands “Banknote” (up to 23.11.2015 - “Lombards24.lv”), "MoneyMetro" and “Rīgas pilsētas lombards” in 39 biggest Latvian cities and populated areas through 91 branches offering pawnshop loans, consumer loans and money transfers in cooperation with “Western Union”. More than 330 thousand natural persons have used the company’s services by in Latvia. SIA ExpressCredit employs 275 professional employees. SIA ExpressCredit has paid 2.3 million euro in taxes in 2016.

         Contact person:
         Kristaps Bergmanis
         Phone: +371 29144168
         E-mail address: Kristaps.Bergmanis@banknote.lv