EQS-News

Iute Group reports unaudited results for 12M/2023 – Efforts to improve quality lead the quantity considerations in 2023

EQS-News: IuteCredit Finance S.à r.l. / Key word(s): Annual Results/Interim Report Iute Group reports unaudited results for 12M/2023 – Efforts to improve quality lead the quantity considerations in 2023 21.02.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Iute Group reports unaudited results for 12M/2023

Efforts to improve quality lead the quantity considerations in 2023


STRATEGIC HIGHLIGHTS

• Number of active customers increased to 274 thousand (31 Dec. 2022: 272 thousand) with revenue per customer (LTM) up to 370 EUR (12M/2022: 343 EUR).
• Total number of customers increased by 10,3% to 1,1 million (31 Dec. 2022: 928 thousand).
• Group consolidated balance sheet up 16,6% to 375,8 million EUR and equity up 19,0% to 63,8 million EUR as of 31 Dec. 2023.
• Increasing use of MyIute app – 813 thousand downloads as of 31 Dec. 2023 (31 Dec. 2022: 477 thousand).
• Energbank’s first dividend payment approved by regulator in December 2023.
• IutePay pioneers in the Balkans as e-money institution.

OPERATIONAL HIGHLIGHTS

• Loan payouts increased by 11,0% to 291,0 million EUR (12M/2022: 262,0 million EUR).
• Number of loans signed down to 331 thousand (12/2022: 357 thousand).
• Gross loan portfolio up 16,9% to 252,0 million EUR (31 Dec. 2022: 215,5 million EUR) of which principal amount of loans increased 17,3% to 232,3 million EUR (31 Dec. 2022: 198,1 million EUR).
• Repayment discipline (Customer Performance Index, CPI30) down to 87,3% (12M/2022: 90,4%).
• Net loan portfolio up 19,7% to 232,2 million EUR (31 Dec. 2022: 193,9 million EUR).
• 75 cardless ATMs operational (31 Dec. 2022: 71 ATMs).

FINANCIAL HIGHLIGHTS

• Interest and commission fee income up 18,0% to 91,4 million EUR (12M/2022: 77,4 million EUR) driven by Iute Non-Bank loan portfolio.
• Net interest and commission fee income up 10,4% to 63,2 million EUR (12M/2022: 57,2 million EUR) driven by Iute Non-Bank loan portfolio.
• Total revenue up 20,1% to 105,7 million EUR (12M/2022: 88,0 million EUR).
• Cost to revenue ratio at 44,7% (12M/2022: 46,8%).
• Adjusted cost to revenue ratio at 38,5%.
• EBITDA adjusted for FX and integration expenses related to Energbank up 34,4% to 46,7 million EUR (12M/2022: 34,8 million EUR).
• Net profit at 10,3 million EUR compared to 7,1 million EUR adjusted for one-off gains related to the acquisition of Energbank in the prior-year period.
• Strong capitalization and profitability – Eurobond covenants exceeded.