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AS DelfinGroup completes restructuring and fully takes over the functions of three subsidiaries

The Latvian financial service company AS DelfinGroup has completed the restructuring and redistribution of functions of three subsidiaries - SIA Banknote commercial properties, SIA Refin and SIA ExpressInkasso. From now on, the functions of these subsidiaries will be fully taken over by the parent company AS DelfinGroup.


SIA Banknote commercial properties was a real estate management company that managed several real estates, in which branches of the Banknote pawn shop network operated. SIA Refin operated in the non-bank mortgage lending sector and its portfolio was fully repaid. SIA ExpressInkasso recovered out-of-court debts, but the need for the company's services has been decreasing each year, as the management of the loan portfolio improved significantly every year. For example, the share of so-called bad loans overdue for more than 90 days went down to 3.6% of the total loan portfolio in the third quarter of this year, which is also the best performance in the history of the company. From now on, the customers of the acquired companies will be directly serviced by AS DelfinGroup


Aldis Umblejs, CFO of AS DelfinGroup: “The reorganisation of the company started already in 2020 and we will finish the process in November 2021, as planned. During the course of reorganisation, AS DelfinGroup was transformed from a limited liability company into a joint stock company, and the corporate governance structure and corporate identity were also changed. Following the successful completion of the initial public offering (IPO) of shares, AS DelfinGroup became a public company and is listed on Baltic Main List of Nasdaq Riga.” 


Stable growth of AS DelfinGroup and convincing performance indicators allow the company to attract cheaper capital on more favourable terms. Since 2014, the company has issued bonds on the Nasdaq Riga Stock Exchange in the amount of 27 million euros, and the coupon rates of the bonds issued during these seven years have gradually decreased. During the IPO this autumn, the company managed to attract almost six thousand new investors, who invested more than eight million euros in the company. The listing of AS DelfinGroup shares on the Baltic Main List started on 20 October this year. 


About AS DelfinGroup

AS DelfinGroup is a licenced technology-based financial services company that was established in 2009 and operates under the brand names Banknote and VIZIA. The company continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), as well as sale of pre-owned goods both online and at more than 90 branches across Latvia. On average, 35,000 thousand loans are issued every month and serviced by the professional team of more than 270 AS DelfinGroup employees. The company has a total of over 400,000 registered customers. Since 2014, AS DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and since 2021 as a share issuer on the Baltic Main List. The company’s IPO in 2021 attracted almost 6000 new shareholders. The company regularly pays dividends to its shareholders. In 2020, the company's net loan portfolio grew to EUR 34.6 million, while its EBITDA reached EUR 9.3 million, with profits before income tax for dividends EUR 4.65 million. The company’s sustainability is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion and facilitating the circular economy. The company has been profitable every year since 2010.


For further information, please contact:
Aldis Umblejs,
AS DelfinGroup Chief Financial Officer
Phone: +371 26189988
E-mail: [email protected]

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