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Kristaps Bergmanis

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Kristaps Bergmanis
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ExpressCredit 1st quarter 2019 financial results

SIA ExpressCredit publishes unaudited condensed unaudited financial results for the 1st quarter of 2019.

The Group's turnover in 1st quarter of 2019 compared to particular period of the year 2018 has increased by 5.5%, reaching EUR 4.09 million, while comparable profit amounted to EUR 1.35 million.

Following the improvements introduced in 2018, SIA ExpressCredit increased the maximum loan amount to EUR 5000 in 2019, and now offers a wider range of loan repayment terms, for example, the loan can now be received with a loan repayment term of up to 5 years.

In 2018, SIA ExpressCredit subsidiary SIA ViziaFinance also successfully implemented the distance loan project www.vizia.lv. In 2019, online brand Vizia has maintained Google Review rating of 4.9/5 from clients for exceptional service.

In 2019, the changes in the Law on Consumer Rights came into force, however they have no significant impact on the operations of the company. The changes require that for each client borrowing an amount greater than EUR 100 the company has to request income report from the State Revenue Service. SIA ExpressCredit was already requesting such reports for loans larger than EUR 427, therefore this practice was effectively in place avoiding cost increases for the company in 2019. As for the new cap on loans with repayment term up to 30 days, SIA ExpressCredit already started to prepare for these changes affecting 3.5% clients at the end of 2018 and ceased to issue loans with such repayment term replacing them with products having longer repayment terms.

In March 2019, SIA ExpressCredit became the only non-bank lender included in the Golden Level of the SRS In-Depth Cooperation Program. In total, 76 companies including 2 Latvian commercial banks qualified for this level as of March 20, 2019.

The company will celebrate 10 years in 2019. In line with the company's vision - to achieve the highest level of assessment, the company makes continuous investments to strengthen its team's expertise and improve its competitiveness.

By implementing business strategy and all planned activities the following financial results of the Group were achieved in 1st quarter of 2019:

Position    EUR, million     Change* %
Net loan portfolio 20.76         +  0.7
Assets  26.85         +  0.3
Net profit** 1.35         +  23.2 

  * Comparison to the amounts as at 31.12.2018.
  **Net profit is compared to respective period of the year 2018 and adjusted for changes in tax legislation for comparability with historical data.

In March 2019, SIA ExpressCredit started to repay the principal of bonds issue ISIN LV0000801322 in amount of EUR 125 per bond. In total, EUR 437 500 of the principal was repaid thus marking the start of quarterly repayments of the principal as stipulated by the bonds issue prospectus.

SIA ExpressCredit submits unaudited interim consolidated financial statement of the first quarter 2019.

SIA ExpressCredit submits investor presentation for the operational results of first quarter 2019.

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