EQS-News

Iute Group reports unaudited results for 12M/2023 – Efforts to improve quality lead the quantity considerations in 2023 - Seite 2

Tallinn, Estonia, 21 February 2024. Iute Group, a leading European personal finance group, reported today unaudited results for 12M/2023.

"Operating in a relatively stable regulatory environment, free from political interference, unaffected by macroeconomic fluctuations and geopolitical tensions, and benefiting only from technological progress seems to remain a dream for the coming years. The key to actual success is adaptation: recognizing reality as it is, and constantly seeking opportunities while remaining true to the Company’s DNA and strategic objectives.

Iute Group’s DNA is ever entrepreneurial and customer-oriented intertwined with a systematic approach and the ability to not only cope with setbacks but learn from mistakes. On the strategical level, we continued to build loan, payment, and insurance intermediation value streams which combined constitute a fintech bank and money ecosystem for our customers. Our strategic endeavors were successful: Iute Group achieved growth and profit, while the focus remained heavily on modus operandi with quality being more important than quantity in 2023.

In its endeavor for operational excellence, Iute Group pushed forward the deeper integration of data science into its business processes. Various predictive models at the service of customer experience and loan portfolio have started to reduce sales costs and lower credit risk costs. In contrast, the digitalization and turnaround of Energbank did not meet our expectations, even though the bank is profitable and the organizational challenges of the restructuring have been resolved to a great extent. We expect the bank to solve the remaining challenges under the management in place since January 2024 following its multi-stage Strategy 2026. Clearly more successful is the integration of Iute’s credit and payment solutions into e-commerce. IutePay continues on its path of attracting more customers in the Balkans, while the scope of services and geographical markets coverage are to be expanded in 2024.