Consumer Finance Services Provider CreamFinance Reports “Record” €3.4M Net Profit for FY 2021

CreamFinance reports that 2021 was a “record-setting” year for the company, “finishing with a €3.4 million net profit – the highest in Group’s history.”

It also reports that it continued “to improve on these results during Q1 2022.”

CreamFinance has provided the following operational and financial information:

FY 2021 Results

Although annual revenue slightly “decreased by 9% in 2021 compared to 2020 (totaling €45.4 million in 2021), the Groups increase in profitability can be attributed to the further improved efficiency of operations and risk measurement following the first year of the COVID-19 pandemic.”

Credit issuance also “recovered in 2021, with 23% higher volumes being issued in December 2021 compared to December 2020 and total principal issued in 2021 amounting to as high as €161 million.”

This led to net loan portfolio growth of 16.2% “compared to 2020, reaching €35 million by the end of 2021.”

The equity-to-asset ratio has “further strengthened, reaching 22.1% (a 4.5% increase compared to 2020).”

The strong performance of the Group “continued in Q1 of 2022, with the quarterly net profit reaching €1.3 million.”

Situation regarding the war in Ukraine

Since the start of the war, CreamFinance claims that it has “not encountered any disruption of its business.”

However, the Group continues “to monitor the situation daily, analyses the potential impact on its operations, and prepares and executes plans accordingly.”

As covered, consumer finance services provider CreamFinance “focuses on relevant, value-added data, otherwise referred to as Smart Data.”

Utilizing advanced algorithms and machine-learning capabilities to quickly evaluate and score loans, CreamFinance offers “a highly customized approach to the personal loan process in a speedy and reliable manner.”

It aims to become “a one-click loan provider to consumers across the globe.”

Currently, the company “is fully operational in five countries (Latvia, Poland, Czech Republic, Mexico, and Spain), with an IT office in Austria.”

Cream Finance Holding LTD provides “a group guarantee.” This means it “will ensure the execution of the buyback obligations.”

For more details on this update, check here.

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