Iute Group Reports Unaudited Q1 2024 Financial Results

Iute Group has released its unaudited financial results for the first quarter of 2024, highlighting a strategic shift towards prioritizing quality over quantity. This approach appears to be reaping dividends, evidenced by a slight decrease in total customer numbers but an increase in revenue per customer. The Group reported a rise in its consolidated balance sheet by 3.7% to 389.8 million EUR and equity by 5.5% to 67.7 million EUR.

Despite a decrease in the total number of loans and loan payout values, the gross loan portfolio saw an increase of 4.9% year-over-year, with a notable rise in the principal amount of the loans. The MyIute app downloads continued to climb, reaching 900 thousand as of the end of March 2024, reflecting higher digital engagement among clients.

Financially, Iute Group faced challenges with a decrease in net profit to 2.2 million EUR from 2.8 million EUR in the previous year and a reduced net interest and commission fee income. However, total revenue grew by 3.5% to 26.4 million EUR. The Group also noted an encouraging start to the year with a well-performed Q1, maintaining its annual targets for a revenue of 120 million EUR and net profit of 15 million EUR.