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Kristaps Bergmanis

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Kristaps Bergmanis
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SIA ExpressCredit 1st quarter 2017 financial results

SIA ExpressCredit Group's turnover for the 1st quarter 2017 reached EUR 4,2 m and Group worked with unaudited net consolidated profit of EUR 0.68 m.

Riga, 2017-05-11 15:51 CEST (GLOBE NEWSWIRE) -- The Group’s operations during the period from 1 January to 31 March 2017 has been successful. In line with plans, total revenue for the period was up by 31.3% against the 2016 respective period and reached 4 263 619 euro. 

Agris Evertovskis comments on 2017 1st quarter results: "Group has achieved significant growth in the loan portfolio and revenue. The main thing I want to note is that this growth is of good quality, sustainable and appropriate for current market situation. Existing results have been achieved with a proper choice of business strategy and appropriate decisions of the Company's management team. A significant impact on the Group's results is implementation of conservative credit scoring policy, which is based on historical data and thorough solvency evaluation. As up to now, our priority is to provide our customers the best service in the financial sector in Latvia and maintain sustainable growth and stability for the shareholders and investors."

By implementing business strategy and all planned activities the following financial results of the Group were achieved in the period:

PositionEUR Increase / (decrease) %*
   
Net loan portfolio13.819.2
Assets17.912.2
Net profit0.68345.9

   * - comparison to the amounts as at 31.12.2016, except for net profit that is compared to respective period of the year 2016

The Group's loan portfolio was funded from the profits, from the cooperation with the mutual lending platform, as well as in the 1st quarter of 2017 the Group attracted funding of 600,000 euros with respect to emitted the closed bond issue of 5 million euro at the end of 2016. As at the end of period of the new bonds are subscribed for the total amount of 1 574 000 euro.

SIA ExpressCredit submits unaudited interim consolidated financial statement of the first quarter 2017.

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