Sun Finance Group reports audited results for 2021
During 2021, Sun Finance Group has achieved significant growth in the loan issuance volume. Loan sales amounted to EUR 456.9m, an increase of 47% compared to EUR 311.1m issued in 2020. In line with the overall business growth during the reporting period, the Group’s financial metrics have significantly improved since last year. A net loan portfolio of EUR 96.6m was reached at the end of 2021, recording an increase of 27% compared to EUR 75.8m in 2020. Interest income has grown by 59.2%, reaching EUR 193.1, from EUR 121.3m in 2020. The Group recorded a net profit of EUR 51.0m in 2021, more than twice exceeding the result of 2020 - EUR 22.0m.
In July, the Group completed its largest bond issue to date – EUR 20m, with annual coupon rate of 11% and maturity in June, 2024. In October, the Group finalised the listing process of its EUR 15m bond on the Nasdaq First North market. The bond is due to mature in September 2022 and the Group is currently reviewing the range of potential routes, including refinancing of the bond tranche.
Following the strategy to expand our ability to serve customer needs, the Group is continuously working to improve the current product offering as well as developing new products. As part of this process, the Group plans to focus on scaling the installment loan product during 2022 and introduce it in new markets. In addition, the Group is actively working on a Buy Now Pay Later (BNPL) product development, launched in a pilot version during Q1’22.
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 seven countries on three continents, with headquarters in Riga, Latvia. Sun Finance has more than 6.7 million registered customers and employs more than 1000 people, 148 of whom work at the headquarters in Riga. The company is led by a team of seasoned professionals with more than 10 years of experience in managing FinTech, financial and IT companies.
Zanda Apine
Investor Relations
Zanda.Apine@sunfinance.group
+371 263 98416
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