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ExpressCredit unaudited financial results for the year 2018

ExpressCredit group's turnover for the 12 months of 2017 reached EUR 18.2 million. Group's loan portfolio as at the end of the year 2018 reached EUR 20.2 million.

The Group's turnover in 12 months, compared to the same period of the previous year, has increased by 4.6%, while the company's loan portfolio has increased by 27.2% over the period.

In 2018 ExpressCredit has been operating according to its mission of providing simple and affordable financial services to people throughout Latvia. During the period several improvements were introduced to make the services even more welcoming for their customers. The company has increased the maximum loan amount to EUR 3000 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 has also successfully implemented distance loan project

According to the CRPC data, the total consumer loan portfolio of the Republic of Latvia in the first six months of the year 2018 has increased to EUR 255.3 million, which is increase of EUR 12.5 million or 5.1% over six months period. By contrast, ExpressCredit has been able to increase its loan portfolio by 18% over the same period, thus grown faster than the market as a whole. In the pawnbroking loan segment, ExpressCredit's market share is 28.7% in terms of the loan portfolio and 39.1% in terms of loans granted, thus further strengthening the company's leading position in the lending market of the Republic of Latvia.

In 2019, the Group operations will be affected by the changes in the Law on Consumer Rights that came into force on 1 January 2019, and some of the changes will take effect on 1 July 2019. The company, despite the poor quality of the law, started to prepare for its application right after its promulgation. The company also strengthens its expertise and processes in activities related to the implementation of AML/CFT tighter requirements. The company predicts that new amendments in the law could result in market consolidation, increase in the amount of loans granted and the volume of loan portfolios, in both, the pawnbroking loans and consumer loan segments.

The company will celebrate 10 years this year. In line with the company's vision - to achieve the highest level of assessment, the company makes independent 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 the year 2018 compared to the year 2017:

PositionEUR, millionChange %
Net loan portfolio20.2+27.2
Assets 26.7+25.1
Net profit4.55+54.1

SIA ExpressCredit delivers unaudited condensed interim consolidated statements for 12 months of the year 2018.

SIA ExpressCredit submits investor presentation for the operational results of the 4th quarter of 2018. Presentation in English.

SIA ExpressCredit quarterly, half-yearly and yearly data can be conveniently accessed on a specially created website:

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