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SIA ExpressCredit audited financial results for the year 2017

Following the severe legislative changes in 2016, SIA ExpressCredit continued to adapt to the new market conditions in 2017. In 2017 both lombard service and consumer lending increased. The Group's turnover in 2017 compared to 2016 has increased by 17%, reaching EUR 18.02 million, while its profit amounted to EUR 2.95 million.

The increase in financial performance was achieved through a defined and implemented strategy, based on the company's updated mission - to provide simple and valuable financial services to people.

According to the strategy, SIA ExpressCredit has introduced a recognized quality of service at branches in Riga and the regions of Latvia. In 2017, the company received "Customer Service Award 2017" for excellence in the financial services, which justifies the achieved financial results. The Group sees itself as an important partner for the customers of Latvia, especially in regions where the number of financial services providers is decreasing, but the demand for high-quality financial services is significant.

Within the framework of the strategy, in 2017 the range of services was improved and the Group started offering its customers the conclusion of distance loan agreements and managing their obligations on the client's portal. Introduction of distance lending gives access to a larger market segment where the Group has not worked so far. As at 30 June 2017, the non-bank lending portfolio in Latvia was EUR 109.9 million. Management believes that the new service will bring additional benefits to our existing customers, and will attract new customers who value the benefits of new technologies.

In 2017, the average maturity of loans granted increased. It should be noted that industry players have successfully adapted to the new market conditions following the legislative changes in 2016, and predominantly the costs of providing services are below the set ceiling at national level, which indicates the existence of healthy competition.

The Group’s strategy declares investment and improvement in the company's core procedures, including customer solvency assessment. The company informs that only 25.8% of new customer loan applications are approved, while for repeat customers - 81.3%. Improvements in procedures cover all areas of SIA ExpressCredit business and in November 2017, the company received certification of management processes in accordance with the requirements of ISO 9001: 2015 and 50000: 2011 standards.

The Group continues to streamline its internal processes to ensure operations according to changes in the Law on Anti Money Laundering and Combating the Financing of Terrorism, as well as adaptation of its activities according to General Data Protection Regulation, which will come into force on May 25, 2018.                                                                                                                       

SIA ExpressCredit is a member of LAFPA and LTRK and contributes to solving the issues of industry and promoting of self-regulation.

The company informs that at the end of 2017 the investor website www.expresscredit.lv has been reworked, where information about the Group is regularly updated.

By implementing business strategy and all planned activities the following financial results of the Group were achieved in year 2017 compared to year 2016:

Position                EUR, million Change  %

Net loan portfolio 15.8           +37.1

Assets                           21.3                 +33.3

Net profit                  2.95          +207.4 


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 3 573 000.

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