Kristaps Bergmanis

Contact person:
Kristaps Bergmanis
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SIA ExpressCredit unaudited consolidated interim financial statements for 12 month of the year 2015

The Group’s operations during the reporting year have been successful. Total revenues for the fiscal year increased by 4.46 % compared to 2014 and totalled EUR 17 369 893. 

Due to implementation of the chosen business strategy, the following financial ratios were achieved in 2015: 

-       during 2015 the Loan portfolio of the Group increased by 4% and as at the reporting date totals 6,5 million euro;

-       the Group’s assets as at 31 December 2015 equal 10.7 million euro;

-       net profit of 2015 amounts to 1 436 086 euro (in 2014 - 1 401 563 euro). 

During the year 2015, on 12 February 2015 the Parent company and the Riga City Council has signed a contract on the purchase of 569 148 (100%) shares of SIA “Banknote” ( till 30.04.2015.  SIA “Rigas pilsetas lombards” ) which were auctioned by the former owner. The purchase price of 880 000 euro was fully paid on 18 February 2015. On 23 February 2015, the transaction was registered in the Companies’ Register. During the year the pawnshop operations of SIA “Banknote” were transferred to SIA “ExpressCredit”. 

In 2015 SIA „ExpressCredit” changed operating brandname of branches from to Banknote. Along with the re-branding, the company expanded the range of financial services offered as well as the accessibility of its services, thus creating an unmatched non-banking financial service provider in the Latvian market. 


In the year 2015, the Group continued the work on the development of the branch network, loan volume increase, and IT system development. As at 31 December 2015, the Group had 96 branches in 40 cities in Latvia (31.12.2014 93 branches in 38 cities).

Future prospects

In 2016 the new regulations came in force that reduced the interest rates for the unsecured loans. Regulations have a minor impact on pawnshop business. In 2016 the Group plans to strengthen its market leadership and improve the branch network. It is planned that the Group's portfolio will increase, and profit dynamics will be lower than 2015 results.

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