Mintos originator IuteCredit sees profits triple
Mintos loan originator IuteCredit saw its profits more than triple to €19.6m (£17.4m) last year, while revenues rose by 18.5 per cent to €72.5m.
An update from the European peer-to-peer lending marketplace said that IuteCredit increased its interest and commission fee income by 25.1 per cent to €60.5m in 2022, driven by loan portfolio growth.
IuteCredit’s gross loan portfolio grew to €163.1m, an increase of 35.5 per cent. The net loan portfolio increased to €145.4m, equating to a 38 per cent increase compared to 2021.
Revenue per customer also increased to €346 from €300, indicating that customers are taking out larger loans or using more of the group’s services.
IuteCredit’s number of active customers reached 293,000 last year.
Read more: Mintos recovers €10m from Russian lenders
IuteCredit facilitates car loans, personal loans and short-term loans, and serves customers in Moldova, Albania, North Macedonia, Bulgaria, Bosnia and Herzegovina. It joined the Mintos lending marketplace in June 2017.
Read more: Mintos originator DelfinGroup sees 40pc rise in profit
“2022 was a truly memorable year for IuteGroup,” Mintos said. “The successful completion of many of the initiatives we launched in previous years to a great deal coincided with the external factors they were designed to address, such as new regulations, rising inflation, and highly selective customer demand. As such, we are pursuing targeted initiatives that should contribute to sustainable growth in the years to come.”
Read more: Mintos originator Eleving reports bumper 2022