Sun Finance Group reports audited results for 2023
During the period, the Group maintained strong financial performance across all key financial metrics. Interest income for continued operations amounted to EUR 278.7 million in 2023, compared to EUR 213.0 million in 2022. The rise in interest income was achieved by maintaining continuous growth in our established markets, as well as by completing an acquisition of AS Zenka Group, an online lending company operating in Kenya.
The balance of outstanding net loan portfolio at the end of 2023 was EUR 181.7 million, a 12.0% increase compared to EUR 162.3 million as of 31 December 2022. This increase was driven by a steady growth of the longer-term line of credit and instalment loan products‘ share in the Group‘s portfolio composition, combined with continuous improvements in the loan portfolio dynamics in the more established operational markets.
The Group’s net profit for 2023 amounted to EUR 72.1 million, a 10.0% increase from EUR 65.5 million reported in 2022. The rise in net profit has been attributed to the growth in interest income during the period, alongside the Group‘s tight operational cost oversight.
Overall, the Group has delivered stable growth in all key performance indicators during the reporting period by consistently improving the products offered to its loyal customer base in established operational markets, while also expanding its presence into new geographical regions.
About Sun Finance Group and Sun Finance Treasury Limited
Sun Finance Treasury Limited is subsidiary of Sun Finance Group, AS. Sun Finance is a financial technology company established in Riga, in 2017, by CEO Toms Jurjevs and co-founder Emīls Latkovskis. Sun Finance operates as an online consumer financing platform in nine countries across four continents, with headquarters in Riga, Latvia. Sun Finance has more than 16.5 million registered customers and employs more than 1400 people, 180 of whom work at the headquarters in Riga. The company is led by a team of seasoned professionals with more than 15 years of experience in managing FinTech, financial and IT companies.
Zanda Apine
Investor Relations
Zanda.Apine@sunfinance.group
+371 26 398 416
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