Unaudited Results of Iute Group for the year 2023

Iute Group, a European financial group, announced today its unaudited results for the full year 2023. The company saw an increase in its active client base, rising from 272,000 at the end of 2022 to 274,000, with higher revenues per client. The group's consolidated balance sheet increased by 16.6% to reach 375.8 million EUR, and equity grew by 19.0% to 63.8 million EUR.

The MyIute app also saw its downloads increase, from 477,000 at the end of 2022 to 813,000. Energbank, owned by the group, paid its first dividend in December 2023. In terms of operational activity, loan payments increased by 11.0% to 291.0 million EUR, while the gross loan portfolio grew by 16.9% to 252.0 million EUR.

The group's revenues and profits also experienced growth, with total revenues up by 20.1% to 105.7 million EUR and a net profit of 10.3 million EUR compared to 7.1 million EUR the previous year, adjusted for Energbank acquisitions. However, the net profit target of 12 million EUR was not achieved, mainly due to external factors such as an unexpected solidarity tax in Macedonia.

CEO Tarmo Sild emphasized the importance of adaptation and focus on quality over quantity, while acknowledging the challenges and opportunities ahead. The group has set ambitious goals for 2024, including increasing its portfolio of performing clients and continuing its geographical expansion.