Two Mintos originators report revenue growth
Two Mintos originators have reported revenue growth during the second quarter of the year.
Latvian originator DelfinGroup reported a 52 per cent increase in revenue during the second quarter of 2023, reaching €12m (£10.38m). Earnings increased by 41 per cent, year on year, to reach €4m. Meanwhile, profit before tax grew by seven per cent to reach €2m.
By the mid-point of the year, the company’s loan portfolio had reached €78m.
“DelfinGroup continues to implement a sound development strategy, which has enabled us to complete another successful quarter,” said Didzis Ādmīdiņš, chairman of the management board at DelfinGroup.
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“The company’s growth allows us to develop new services, including promoting the principles of circular economy in society, encouraging the recycling of goods and generally taking care to reduce our carbon footprint and use our resources wisely.”
Meanwhile, fellow Latvian originator Eleving Group recorded €90.6m in revenues during the second quarter of 2023 – a 7.2 per cent year-on-year increase.
Eleving Group’s net profits reached €13.6m during the same period, an increase of €4.6m compared to the first six months of 2022.
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“The results highlight that Eleving Group has delivered on its promises to its stakeholders and executed its strategy well, recording high efficiency and profitability ratios in the first six months of 2023,” said Modestas Sudnius, chief executive of Eleving Group.
“Over the last 12 months, the company took a more conservative approach and focused on underwriting, portfolio quality, and ensuring that the company is lean and efficient. As a result, the group sustained a steady net loan portfolio while its key performance and efficiency indicators kept improving.”
Sudnius added that during the first half of 2023, customers faced inflation-related difficulties in the EU and African markets.
“That had an effect on the overall payment discipline,” he noted.
“However, this trend did not significantly impact the portfolio quality since, in the previous 12 months, the company’s core focus was on a stricter underwriting policy, higher customer down payments, and further improvement of debt collection tools.
“That, despite economic turbulences, allowed the company to decrease impairment costs compared to last year.”
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