The 2023 loan issuance and retail results compiled by the Latvian fintech company DelfinGroup show that sales in pre-owned, slightly pre-owned and new goods grew by 27% last year to 15 million euros. Loans issued during the period amounted to 92.2 million euros, 15% more than in 2022.

 

The company has not only compiled annual results but also figures for the final quarter of 2023. Sales of pre-owned, slightly pre-owned and new goods reached 4 million euros in the fourth quarter of last year, a 21% increase compared to the same period the year before.

 

“Last year we continued to develop the largest circular economy retail network Banknote, by encouraging the public to reuse goods, which is naturally reflected in the increase in sales. The 2023 results in the retail segment show that behavior of the public is changing, and people are not immediately rushing to buy new things but are evaluating pre-owned goods,” explains Didzis Ādmīdiņš, Chairman of the Management Board of DelfinGroup.

 

He also adds that the development of the Banknote network has had a positive impact on the results achieved in the retail segment – last year new outlets were developed in Riga and elsewhere in Latvia. “Along with the development in Latvia, at the end of last year we also expanded our activities in international markets, opening the first five Banknote branches in the capital of Lithuania – Vilnius. Alongside the development of our shops, we are continuously investing in the digitisation of our processes, to which we will also pay increased attention this year. Last year, we launched remote purchasing solution, making it easier for people to re-sell pre-owned and slightly pre-owned goods,” adds D. Ādmīdiņš.

 

In 2023, loan issuance amounted to 92.2 million euros

 

Analysing the results in the lending segment, DelfinGroup points out that thanks to high demand for simple and customer-orientated financial services, the company’s loan portfolio already exceeded the annual target in mid-2023.

 

D. Ādmīdiņš: “Our forecast for the loan portfolio for 2023 was 77 million euros, but already in the first six months of the year, the company’s loan portfolio exceeded the target and reached 78.1 million euros, while in nine months it reached a record level of 84.6 million euros. As a result, in the fourth quarter of 2023, we focused on improving the quality of the portfolio and optimizing portfolio funding costs, rather than increasing lending volumes. The company's management appreciates the achieved result of portfolio growth, which allowed to focus on increasing profitability of the portfolio during the last quarter.”

 

Pawn loan issuance increased by 20% to 23.3 million euros in the twelve-month period. In the fourth quarter of 2023, loans amounting to 5.7 million euros were issued.

 

Meanwhile, consumer loans amounting to 68.9 million euros were issued in 2023, 13% more than last year, and 17.3 million euros were issued in the fourth quarter.

 

DelfinGroup has issued a total of 92.2 million euros in loans in the twelve months of 2023, an increase of 15%.

 

The company notes that with the growth in its loan portfolio in the second half of the year and the demand for loans, DelfinGroup has been actively raising financing for the further development of the company. Three new bond issues were successfully organised in 2023, raising over 30 million euros from both institutional and private investors. At the same time, the company successfully redeemed two bond issues for a total amount of 15 million euros. Also, at the end of 2023, DelfinGroup has attracted the largest financing received from a credit institution in the history of the company, concluding a credit line agreement with Multitude Bank p.l.c. for financing of 11 million euros.

 

About DelfinGroup

AS DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy.

 

 

For further information, please contact:

 

Linda Eltermane,
DelfinGroup Head of PR
Phone: +371 28700457
E-mail: [email protected]