Mintos originator Eleving reports bumper 2022

Mintos originator Eleving Group saw its profits rise by almost a third in its latest financial year, which it attributed to a more conservative business approach amid macroeconomic challenges.

The Latvia-based lender, which joined the Mintos European peer-to-peer lending marketplace in 2015, reported adjusted core earnings of €71.8m (£64m) in the 2022 financial year, a 29.2 per cent increase from 2021.

Adjusted revenue rose by 14.4 per cent year-on-year to €175.9m.

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The group’s portfolio increased to €288.9m, a record annual high. Car and consumer lending accounted for €221.8m and €67.1m, respectively.

“We started 2022 with a dosed optimism,” said Modestas Sudnius, chief executive of Eleving Group.

“The turbulence caused by the Covid-19 pandemic had calmed, and it looked as if we could plan for moderate and predictable growth in the global economy. However, the changing geopolitical situation and the war in Ukraine shifted the market and macroeconomic outlook. Despite that, we’ve experienced a solid quarter and twelve-month period with the best financial and operational results in the group’s history.

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“The main objective for 2022 was to maintain portfolio quality, increase efficiency, and reduce portfolio exposure in the affected markets while maintaining steady growth as a group. This meant more focus was placed on managerial efficiency, cost optimization, careful capital management, and a slightly more conservative business approach. And it has paid off in full.”

Mintos has lent more than €1.2m to date and has a net loan portfolio of almost €290m.

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