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ExpressCredit 1st quarter 2018 financial results
Emitents DelfinGroup, AS (iepriekšējais nosaukums - ExpressCredit, SIA) (2138002PKHUJIMVMYB13)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2018-05-03 22:21:48
Versijas komentārs

SIA ExpressCredit publishes unaudited condensed unaudited financial results for the 1st quarter 2018.

The Group's turnover in 1st quarter 2018 compared to particular period of the year 2017 has increased by 5.3%, reaching EUR 4.49 million, while profit amounted to EUR 1.09 million.

Following the introduction in 2017 of the possibility for clients to conclude distance loan agreements and the possibility to manage their obligations on the customer's portal, in the 1st quarter of 2018 SIA ExpressCredit developed a new distance lending brand "VIZIA". VIZIA's mission is to offer loans that are significantly different in the category by offering simple and easy-to-understand services to customers. This applies both to credit as a product and the process of borrowing and repayment of credit. The company believes that the marketing strategy and service implied by the VIZIA brand will be competitive among the offers offered by existing distance non-bank lenders.

In 2018, a new corporate income tax regulation came into force introducing non-taxation of reinvested profits. These changes will have a positive impact on the company's financial performance, increasing the profit and the equity.

In the first quarter of 2018, the company supported and signed a code of solvency assessment for the industry developed by LAFPA, which defines rigorous and uniform criteria for solvency assessment. During the period the development of a scoring module has been completed that will improve better assessment of customer solvency. Accordingly, in 2018, only 15.2% of new customer loan applications were approved, while for repeat customers - 75.2%.

In the first quarter of 2018, the company cooperated with LAFPA and carried out an assessment of the sector's risks in accordance with the Law on Anti Money Laundering and Combating the Financing of Terrorism. The assessment will serve the company in identification of risks and will provide information for the review and update of the existing procedures.

By implementing business strategy and all planned activities the following financial results of the Group were achieved in 1st quarter 2018:

Position    EUR, million     Change*  %
Net loan portfolio 18.17              +14.7
Assets  23.4              +10.1
Net profit 1.09              +61.1 

  * - comparison to the amounts as at 31.12.2017, except for net profit that is compared to respective period of the year 2017

The Group's loan portfolio growth was financed from the profit, cooperating with the mutual lending platform, and from the closed bonds issue of the year 2016 for the amount EUR 5 million with an annual return of 14%, organized by BlueOrange Bank. As of the end of the period, new bonds have been sold for a total amount of EUR 4 496 000.

SIA ExpressCredit submits unaudited interim consolidated financial statement of the first quarter 2018.

SIA ExpressCredit submits investor presentation for the operational results of first quarter 2018.


SIA ExpressCredit is a licensed consumer lending company founded in 2009. The Group is represented by the brands "Banknote", "VIZIA" and "Riga City Pawnshop". The Group's core services are consumer loans, distance loans, pawn broking loans and money transfers in partnership with Western Union. In total, the Group operates in 39 Latvian cities and populated areas, a total of 86 branches, employs more than 250 professionals and has paid 2.4 million euros in taxes for the year 2017. SIA ExpressCredit is a member of LAFPA and LTRK.


         Kristaps Bergmanis
         Phone: +371 29144168
         Fax: +371 67809194
         E-mail address: kristaps.bergmanis@expresscredit.lv

ExpressCredit_finance_statements_unaudited_2018_1Q_eng.pdf (163.91 kB)
ExpressCredit_eng_prezentation_2018_Q1 (1).pdf (2851.01 kB)