The Baltic 4finance Holding, specialist in digital consumer loans, has just presented its first quarter results.
Operational Highlights
– Online Lending Volume of EUR 137.0 million in the reporting period compared to EUR 92.6 million in the first quarter of 2022 and maintaining the volume of the fourth quarter. Demand for credit remains strong in most markets, with annual issuance growth driven by the Czech Republic, Latvia, Sweden and the Philippines will be carried.
– The development of Near-Prime-Portfolios is aligned with the ability to sell these loans to TBI Bank. From January to April 2023, prime loans worth over EUR 12 million were sold to TBI Bank in Lithuania.
– The loan volume TBI Bank increased 39% year-on-year to EUR 206.4 million in the period, with issuance volume increasing across all products.
Financial highlights
Die interest income from continuing operations increased in the reporting period by 39% to EUR 91.7 million in the same period last year. For the same period of the previous year, the Polish business is reported separately in the income statement as ‘discontinued operations’.
The Ratio of costs to income was 46.0% in Q1 2023, a significant improvement from 53.9% in Q1 2022 (excluding Poland and Philippines), despite the year-on-year increase in total cost of ownership.
The adjusted EBITDA amounted to EUR 28.0 million for the period, up 8% year-on-year (compared to pro forma EBITDA excluding Poland and including Philippines), which is a adjusted EBITDA margin of 31% is equivalent to.
The Zinsdeckungsgrad as of the date of this report, including the pro forma impact of acquisitions and divestitures, is 2.4x.
Die net receivables amounted to EUR 906.2 million as of March 31, 2023, up 7% from December 31, 2022, with growth in online and TBI Bank.
Liquidity and Funding
– Starke liquidity position with EUR 44.0 million in cash in the online business at the end of the period.
– Cashflows in connection with last year’s acquisitions and disposals took place in April as expected.
Kieran Donnelly, CEO of 4finance, comments:
„[…] Through international expansion, partnerships and acquisitions, we are growing in Greece, the UK and the Philippines. We have high liquidity in our online business and TBI Bank remains well capitalized.”
The extended in term 4finance EUR bond is currently stable at around 97% just below par.
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2023-05-18 13:48:16
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