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DelfinGroup’s follow-up announcement for investors on situation in country
Emitents DelfinGroup, AS (iepriekšējais nosaukums - ExpressCredit, SIA) (2138002PKHUJIMVMYB13)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2020-10-13 17:43:51
Versijas komentārs

On 19 March 2020 DelfinGroup provided information to investors regarding the company's actions in relation to the state declared emergency situation in Latvia in relation to COVID – 19 on 12 March 2020. The company’s initial focus was on securing cash reserves and reviewing its cost structure. In addition, a stricter assessment of customers’ solvency was introduced. The state of emergency was lifted on 10 June 2020.

During the state of emergency with the measures introduced, the lowest monthly issuance level was in April (EUR 2.1 million which was 49% lower than in February 2020). With the lifting of emergency measures on 10 June 2020, the demand for DelfinGroup loans significantly increased. Highest ever monthly issuance level, since the foundation of the company, was reached in August 2020 - issuing EUR 5 million, which is 14% higher than in August 2019. During the state of emergency and now, DelfinGroup has been and is actively working to introduce product improvements for providing better customer service.

The following issuance increase in 3rd quarter of 2020 compared with 2nd quarter of 2020 was achieved:

  Q1 2020
EUR, million
Q2 2020
EUR, million
Q3 2020
EUR, million
Change Q3 vs Q2  in %
Total Pawn loans issued 5.1 3.7 5.2 +40.5%
Total Consumer loans issued 6.5 4.8 9.4 +95.8%
Total issued amount 11.5 8.5 14.6 +71.8%

Based on the Group’s conservative credit policy and stable and reliable customer base, the non-performing loan ratio has stayed relatively low, showing that currently there are no notable changes in portfolio quality. There is a slight increase in NPL (non-performing loans) at the end of 1st quarter 2020, following recovery in the end of upcoming quarters:

Non-performing loan ratio:

  NPL* in %
31.12.2019 4.1%
31.03.2020 5.2%
30.06.2020 5.0%
30.09.2020 4.7%

*Non-performin loan ratio calculated as 90+ day delay portfolio to consumer loan portfolio

The Parliament of the Republic of Latvia has adopted the Law on the Suppression of Consequences of the Spread of COVID-19 Infection in which the limits for late payment interest on default of the performance have been set for the period starting 1 April 2020 to 1 September 2020 (https://likumi.lv/ta/en/en/id/315287). As late payment interest in 2019 was only 4% of Groups total income, this regulation has no significant effect on the Group's income statement. There haven't been any other decisions made by the Government or regulator with a direct impact to DelfinGroup’s business. 

With regard to the total income, the Group's income has steady increased over the period of three quarters of 2020, with a lower income in the second quarter:  

  Q1 2020
EUR, million
Q2 2020
EUR, million
Q3 2020
EUR, million
Change Q3 vs Q2 in %
Total pawn and
consumer income*

   *Total income generated for pawn and consumer loans

During these difficult conditions of 2020, DelfinGroup has successfully attracted bond financing. In the 2nd quarter of 2020, the company attracted an additional financing in the amount of EUR 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 EUR 5 million. As of 11 August 2020, these bonds have been included in the Nasdaq Riga First North Bond List, thus three DelfinGroup bonds have been included for trading on Nasdaq Riga stock exchange. 

Additionally, on 23 September 2020, DelfinGroup registered new private placement unsecured notes issued in the amount of EUR 3,5 million, and on 30 September 2020, the subscription was successfully completed with the demand exceeding the supply of securities for the issue. Issue arranger was Signet Bank and issue was subscribed by new and existing private and institutional investors. 

We understand that the situation related to COVID-19 is still unpredictable and we are closely monitoring the development of it. We are ready to take all the necessary actions regarding the safety measures in our branches and to ensure the health of our employees.


SIA DelfinGroup is a licensed consumer lending company, founded in 2009. The Group represents such brands as Banknote, VIZIA and Riga City Pawnshop. The Group's core services are pawnbroking loans, consumer loans, as well as senior loans, the terms of which are specially adapted for senior consumers. 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 an online store. The company employs more than 270 professionals and paid 2.97 million euros 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.

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