Mintos originator reports €10m profit
Mintos loan originator ID Finance has reported a €10m (£8.85m) profit for 2022.
The Spanish lender has revealed that it made a net income of €10.4m last year, with revenue of €119m. This represents growth of 33 per cent year on year.
ID Finance Spain also reported that the company’s capital grew to €18.7m, which gives it an equity ratio of 24 per cent, exceeding the industry’s average level of around 15 per cent. The company originated €242m in loans last year.
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“I am very proud of the team, which achieved strong growth during the challenging year, while maintaining profitability of the business,” said Boris Batine, co-founder of ID Finance.
“I am confident we will be able to build upon this success and achieve even stronger results in 2023.”
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Across 2022, the company maintained a non-performing loan ratio of 10 per cent within 90 days. This trend demonstrates “significant improvement” the company said, and “will contribute to further successful and profitable growth this year.”
Following the strength of the 2022 results, ID Finance has reduced its minimum investment threshold from €100,000 to €1,000 and has introduced financial covenants to ensure financial control for investors.
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