Mintos lending company reports rising profits
Mintos lending company Eleving Group has increased its profits and earnings during the first half of 2022.
The Latvia-based lender has adjusted its net profit to €9m (£7.59m) for the six months ending 30 June 2022. This is up from €7.7m during the same period of 2021.
Earnings have grown by 16.6 per cent for the first half of the year, to reach €32.3m compared to €27.7m a year ago.
“While there is a lot of uncertainty in the world and capital markets, Eleving Group continues to demonstrate stable and solid performance,” said Modestas Sudnius, chief executive of Eleving Group.
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“Group’s portfolio and revenue continued to grow in the first half of this year while the company continued to execute its strategy.”
However, Sudnius added that in the months ahead, Eleving will pursue a more conservative strategy in preparation for an economic slowdown.
“We are cautious about various signals of an economic slowdown initiated by the geopolitical and economic situation in the world, such as inflation, rising costs of energy resources, and overall sentiment in the economy,” he said.
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“In the upcoming six months, Eleving Group will maintain its growth and development strategy but will take a more conservative approach in its underwriting policies, will seek for further improvements in operational efficiency, and focus on existing products and geographies mixed with cautious tests of new concepts.”
Eleving Group was founded in 2012 and joined the Mintos marketplace in 2015. To date, the company has issued over €1.1bn in loans and has a net loan portfolio of over €260m.
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