The Group’s operations during the period has been successful. In 2016 the new amendments to legislation came into force, which led to significantly lower interest rates on consumer loans. Consequently, in line with expectations, total revenues in the period fell by 13.2% against 2015 and reached 15 081 843 euro.
The Group’s strategy in year 2016 included the increase in loan portfolio and reduction of the cost base. According to the strategy, substantial investments were made in the Group’s “Banknote” product and brand awareness. During the period a new consumer credit brand “MoneyMetro” was developed and implemented in three branches of the Group….
According to SIA ExpressCredit bond issue prospectus ISIN LV0000801280, as of 27/02/2017 nominal value of one security is going to be decreased by EUR 50. Total nominal value of bonds issue will be decreased for EUR 250 000. After settlement nominal value of one security (ISIN LV0000801280) will be EUR 350.
According to bond issues prospectus ISIN LV0000801280, 5 000 bonds were issued with an original nominal value of 1 000 euros. Yearly interest rate of the coupon is 14% with a 5 year term and gradual repayment of the nominal value.
SIA ExpressCredit operates under the brands Banknote and Rīgas pilsētas lombards has reached the greatest performance indicators of all times in the 3rd quarter of 2016. Amount of the consumer credits provided by the company has reached EUR 8.33 million in the 3rd quarter representing 26% over the indicator of the relevant period in 2015. Along with the increase of amount of the granted loans, amount of revenue reached EUR 3 million in the 3rd quarter representing 5% over the indicator of the relevant period in 2015 and 25% over the indicator of the 1st quarter of 2016.
Agris Evertovskis, Chairman…