Invest in Bonds

Contact person:
Kristaps Bergmanis
Go to all Announcements

SIA ExpressCredit financial results for the first half year 2019

In the first half of 2019, the company's turnover amounted to EUR 10.2 million, an increase of 10.9% compared to the corresponding period in 2018, while the net profit for the period was EUR 2.045 million.

During the first half of 2019, in order to prepare for the changes in Consumer Rights Protection Law that came into force on July 1st, 2019, the Group invested in strengthening its management team and adjusting products so that the Group can continue offering the most demanded products by the consumers. The Group’s results of July 2019 confirm that product adjustments are well demanded and it is expected that the Group will maintain its current profitability in the future. Despite that the company has aligned its operations to the changes in legislation, the company has submitted an application to the Constitutional Court on the interest rate cap inconfirmity to the Constitution.

One of SIA ExpressCredit's competitive advantages is its affiliate network of 87 branches. Two branches have been moved to nearby but more advantageous locations. At the same time, investments are being made in the material and technical support of the affiliate network, promoting product availability and customer convenience.

SIA ExpressCredit will celebrate its 10th anniversary this year. In line with the company's vision of achieving the highest level of assessment, the company continuously invests in strengthening the expertise of its team by focusing on data analysis, product compliance and sales. The net portfolio of the Group has grown accordingly.

The Group continues to support AML compliance this year and has taken the steps required by the supervising authority and set by regulation.

Since 2016, Mintos platform is a stable financial partner of the Group. At the end of 2018, Mintos introduced a Loan Originator Rating according to which Banknote and VIZIA loans received and continue to hold an A- rating, one of the highest ratings on the platform. Only three companies from Latvia have A level rating. A precondition to achieve a higher rating for Banknote and VIZIA is to extend the geographical coverage of lending activities.

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


EUR, million

Change*, %

Net loan portfolio


+  32.1



+  14.4

Profit before tax


+    4.2 

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

In June 2019, SIA ExpressCredit continued 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. The next principal will be repaid in September 2019 as stipulated by the bonds issue prospectus.

Go to all Announcements