IuteCredit Finance S.à r.l.
Iute Group reports unaudited results for 3M/2023 – Quality over quantity for financial year 2023
EQS-News: IuteCredit Finance S.à.r.l.
/ Key word(s): Quarterly / Interim Statement
Iute Group reports unaudited results for 3M/2023 Quality over quantity for financial year 2023
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
“The Iute Group continued to grow moderately in Q1 2023, focusing on quality rather than quantity. We expect the focus on quality to continue throughout 2023. The decisive factor for the further course is the persistently high inflation: Household purchasing power is falling, while the cost of capital in the form of interest rates is rising for both banks and non-bank financial institutions, such as Iute. It was all the more surprising to see how much the interest rate risk had been underestimated by both many bond investors as well as central banks, given the previously low-interest rates. In our view, a normalization of inflation and thus of interest rates is unlikely in the short term. However, as we have seen just recently, a situation can also reverse in the other direction in a flash. Consequently, particularly for small multinationals such as Iute Group, it is a matter of keeping an eye on a potentially fast-changing road and adapting quickly when necessary. For us, this means that in the short term, the focus must be less on growth and more on how we can become more efficient so that we can continue to play out our strengths in the future. As the Group’s current run rate shows, our efforts are bearing fruit. We are confident of achieving our targets for the year. The Group’s consolidated balance sheet and loan portfolio both grew by 6 million EUR, which means faster than liabilities. The year-end balance sheet target remains at 350 million EUR. At the same time, revenues in Q1, the seasonally weakest period of the year, were slightly above expectations, while net profit at 2,8 million EUR was achieved as expected. We are thus sticking to our annual revenue target of more than 100 million EUR and an annual net profit target of more than 10 million EUR. For the Iute Group, growing the performing customer pool is increasingly becoming a major challenge given its mere size. In other words, the skill and capacity to acquire and retain customers with individualized service becomes more and more important and remains Iute’s focus point. Quality over Quantity, profitably,” said Tarmo Sild, CEO of Iute Group. The full unaudited report for 3M/2023 is available under iutecredit.com/reports/. CEO Tarmo Sild, CFO Kristel Kurvits, and CRO Tarvo Rahumägi will comment on the unaudited 3M/2023 results by means of a webcast presentation on 30 May 2023, 10.00 CEST. The webcast/call will be held in English. Please register in time to participate in the webcast/call at: The corresponding presentation will also be available on the Company’s website prior to the earnings webcast/call. Kristel Kurvits, Group Chief Financial Officer (CFO) Iute Group is a fintech company established in 2008 in Estonia. The Group specializes in consumer finance, payment services, banking, and insurance products. It serves customers in Albania, Bosnia and Herzegovina, Bulgaria, Moldova, and North Macedonia. Iute Group finances its loan portfolios with equity, deposits, and secured bonds on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.
29.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG. |
Language: | English |
Company: | IuteCredit Finance S.à.r.l. |
14, rue Edward Steichen | |
2540 Luxembourg | |
Luxemburg | |
ISIN: | XS2033386603, XS2378483494 |
WKN: | A2R5LG , A3KT6M |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1643395 |
End of News | EQS News Service |