TIDMZAIM
RNS Number : 6381E
ZAIM Credit Systems PLC
14 March 2022
For Immediate Release
14 March 2022
Zaim Credit Systems Plc
("Zaim" or the "Group")
Fourth quarter and full year 2021 trading update
Zaim Credit Systems plc (the 'Group' or 'Zaim'), the Russian
focused fintech group, announces a post period end trading update
from its wholly owned subsidiary, Zaim-Express LLC, ('Zaim
Express') in respect of the fourth quarter and the full year ended
31 December 2021.
Fourth Quarter 2021 Highlights ([) (1) (]) :
-- Strong quarterly performance with impressive growth in loans
issued both on quarter-on-quarter (14%) and year-on-year (105%)
basis to GBP7.8m for Q4 21
-- Loans issued online reached GBP 7.2m growing by 18% quarter-on-quarter and 148% year-on-year
-- Online continuing to be the key engine for growth representing 92% of loans issued; and
-- The Group continued to trade profitably in Q4 2021
Full Year 2021 Highlights:
-- First full year completing the successful transition from
offline to online-focused business model with a lower fixed costs
base and greater flexibility
-- Increase in loans issued to GBP26.0m representing unprecedented growth of 154% vs. 2020
-- Growth of loans issued online to GBP23.1m, which is 4.9 times higher than in 2020
-- Decrease in loans issued offline by 47% to GBP2.9m due to closure of stores and transition to online-focused business model
-- Increase in weighted average default rate for the first nine
months of 2020 to 22.7% (2020: 14.1%) in line with management
expectations due to greater portion of first-time clients. This is
a direct result of the rapid growth of the online business.
Siro Cicconi, Zaim's CEO commented:
"It is very hard talking about business in such unprecedented
and difficult times. Despite this we are firmly committed to
adhering to all our duties to our stakeholders and our customers.
These results show that the fourth quarter of 2021 became the sixth
consecutive quarter of profitable growth. Our operational results
demonstrate the effectiveness of the online-focused strategy that
we employed in the middle of 2020.
We are significantly overperforming a very fast-growing market:
the Russian microfinance market grew by 35% year-on-year ([2]) ,
whilst the amount of loans issued by Zaim Express more than doubled
([3]) . We are investing in growth, being careful to maintain cash
generation and profitability.
Quarter-on-quarter growth remains strong at 14%, showing
acceleration vs. the previous quarter.
The business continues to be cash-generative, which we are
carefully reinvesting in order to serve a wider base of clients
with our online business. Our online-focused strategy allows for
lower fixed costs and faster growth that makes us confident in the
long-term development of our business. Our investment in our
proprietary platform and process delivered impressive results and I
would like to thank the whole team for their dedication in these
uncertain times."
Fourth quarter 2021 trading update
The table below presents the two main KPI's (loans issued and
default rate) for the last five quarters:
Quarter Ended Dec-20 March-21 June-21 Sept-21 Dec-21
Loans Issued (GBP'000) 3,812 5,109 6,332 6,830 7,813
------ -------- ------- ------- --------
Loans Issued Growth
Rate QoQ 65% 34% 24% 8% 14%
------ -------- ------- ------- --------
Loans Issued Online
(GBP'000) 2,889 4,308 5,564 6,097 7,173
------ -------- ------- ------- --------
Loans Issued Online
Growth Rate QoQ 151% 49% 29% 10% 18%
------ -------- ------- ------- --------
Loans Issued Offline
(GBP'000) 923 801 768 733 641
------ -------- ------- ------- --------
Loans Issued Offline
Growth Rate QoQ (20%) (13%) (4%) (5%) (13%)
------ -------- ------- ------- --------
Weighted Average Default See note
Rate ([4]) 17.7% 20,8% 24.5% 22.7% ([5])
------ -------- ------- ------- --------
Zaim Express continued to see strong growth in loans issued by
14% QoQ, driven by expansion of the online platform.
The weighted average default rate decreased slightly to 22.7% in
Q3 as a result of more conservative approach to the credit scoring
in line with the management expectations.
Loans issued for the financial year:
Full Year Ended Dec 20 Dec 21 Change
Loans Issued Online GBP4.8m GBP23.1m 386.4%
---------- ---------- --------
Loans Issued Offline GBP5.5m GBP 2.9m (46.5%)
---------- ----------
Total Loans Issued GBP10.3m GBP26.0m 154.2%
---------- ----------
The Company looks forward to releasing its audited results for
the year-ended 31 December 2021 in due course.
Notes:
(1) All figures presented throughout this announcement represent
unaudited management information taken from the internally
generated management accounts of Zaim-Express LLC
(2) According to the Central Bank of Russia's latest available
data, growth of the portfolio of microloans in Q3 2021 was 35%
compared to Q3 2020
(3) Loans issued by Zaim Express in Q4 2021 increased by 105%
vs. Q4 2020
(4) Default rate is defined as no payment received after 120
days of the origination of the loan
(5) Data is not yet available for the quarter ended 30 September
2021 as the earliest time to determine default rates is 120 days
after the end of the period
*Ends*
Follow us on Twitter - @ZaimcreditSyst
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Enquiries:
Zaim Credit Systems Plc
Simon Retter
Siro Cicconi Tel: +44 (0) 73 9377 9849
Alex Boreyko Tel: +7 925 708 98 16
investors@zaimcreditsystemsplc.com
Investor Relations: Flowcomms
Ltd
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
Adviser: Beaumont Cornish
Limited
Roland Cornish / James Biddle Tel: +44 (0) 20 7628 3396
Optiva Securities Limited
Jeremy King / Vishal Tel: +44 (0) 20 3137 1902
Balasingham
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