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SIA ExpressCredit financial results for 9 months of 2019

SIA ExpressCredit group's turnover for the nine months of 2019 reached EUR 16 million. The Group`s unaudited profit for this period was EUR 3.4 million.

The Group's turnover during 9 months of the year 2019 in comparison with the corresponding period of the previous year has increased by 14%, while the company's EBITDA during this period has increased by 9%.

The 3rd quarter of 2019 is an important milestone in the company's operations as the changes in the Consumer Rights Protection Law have come into force on 1 July 2019. The company’s team has invested a significant amount of work in improving and transforming its product portfolio in line with the new market conditions, where price as a competitive element has lost its leading role.

The company's investments in the management team and in adapting its products to the new market conditions have proved to be successful and justified. Over the past period, the strategy of the group’s leading brand Banknote has been redefined and work continued to improve efficiency, including the quality of the loan portfolio. There is a clear vision for major projects that, if successfully implemented, will not only increase operational efficiency, but also improve customer experience through the company's affiliate network and self-service portal.

The online lending segment has seen a 56% increase since the beginning of the year (compared to the first and third quarters of this year), due to the successful implementation of the sales strategy, helping to reach consumer segment average liabilities per customer in amount of 633 euros.

The third quarter of 2019 is marked by several strategically significant investments, which will have a positive effect next year.

In September, the company completed the new cash register system implementation project, which began in November 2018. The new cash register systems have been implemented in all branches of the company, which will help significantly automate offline customer service processes.

In October, the company successfully completed its annual ISO certification audit in accordance with ISO 9001: 2015 and ISO 50001: 2012 standards to maintain orderly internal processes and ensure high quality of process management. Similarly, AML policy was reviewed and further developed in line with regulatory requirements and continued cooperation with government institutions.

By implementing business strategy and all planned activities the following financial results of the Group were achieved in the 3rd quarter of 2019:


EUR, million

Change*, %

Net loan portfolio






Profit before tax 


+ 6.8 

*- Comparison to the amounts as at 31.12.2018. Profit before tax is compared to respective period of the year 2018.

During Q3 2019, the company continued to work with AS BlueOrange Bank on a new notes issue in amount of 5 million euros with a 14% coupon rate. The new notes issue will be registered in November and will be included in the common structure of ExpressCredit group’s secured creditors. According to this structure, all claims by note holders of the existing and new notes issues, as well as by SIA Mintos Finance will be secured with all property and receivables owned by ExpressCredit group as a commercial pledge. The new structure of secured liabilities was approved by note holder voting, results of which were published on Nasdaq web page on October 28, 2019. The commercial pledges are intended to be established by the end of 2019, and ZAB Eversheds Sutherland Bitāns will act as the collateral agent as set by the new structure of secured liabilities.

SIA ExpressCredit delivers unaudited condensed interim consolidated statements for 9 months of the year 2019.

SIA ExpressCredit submits investor presentation for the operational results of the 3rd quarter of 2019. Presentation in English.

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

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