TIDMZAIM
RNS Number : 6700P
ZAIM Credit Systems PLC
22 June 2022
For Immediate Release
22 June 2022
Zaim Credit Systems Plc
("Zaim" or the "Group")
First quarter 2022 trading update
Zaim Credit Systems plc (the 'Group' or 'Zaim'), the fintech
group, announces a trading update from its wholly owned subsidiary,
Zaim-Express LLC, ('Zaim Express') in respect of the first quarter
of the financial year ended 31 December 2022.
First Quarter 2022 Highlights ([) (1) (]) :
-- Strong quarterly performance with continued growth of the key
business metrics both quarter-on-quarter and year-on-year.
-- Loans issued grew by 5% quarter-on-quarter and 61%
year-on-year basis to GBP8.2m. On a constant currency basis, Loans
issued increased by 24% quarter-on-quarter and 81% year-on-year
-- Loans issued online reached GBP 6.9m growing by 6%
quarter-on-quarter and 60% year-on-year, which corresponded with
25% and 80% growth on constant currency basis respectively
-- Loans issued via mobile application launched in Q2 2021
increased by 28% quarter-on-quarter to GBP0.9m in Q1 2022 or by 49%
on constant currency basis (no year-on-year comparison)
-- Significant foreign exchange fluctuations between the
functional currency and the reporting currency were observed during
Q1, these moves reversed during Q2. Constant currency comparisons
are presented to assist the presentation
-- Online and mobile segments continuing to be the key engines
for growth representing 84% and 10% of loans issued
respectively
Siro Cicconi, Zaim's CEO commented:
"Despite the economic volatility the business performance of the
Group remained strong, demonstrating the seventh consecutive
quarter of growth.
As our operating currency is the Russian rouble and reporting
currency is the British pound, the fluctuation of exchange rate of
these currencies affects our reported performance.
Even with this negative influence of the forex rates our
business continued to grow both on quarter-on-quarter (5% in GBP
terms and 24% on constant currency basis ) and year-on-year (61% in
GBP terms and 81% on constant currency basis ). We are
significantly overperforming a very fast-growing market: the
Russian microfinance market grew by 37% year-on-year ([2]) on
constant currency basis (22% in GBP terms). In Q2 2022 we saw the
reversal of the forex trend with Russian rouble significantly
strengthening vs. British pound, which will positively influence
our reported numbers in the second quarter of 2022.
In Q2 2021 we launched our branded mobile application that
became an important sales channel and significant growth driver of
our business. In Q1 2022 the mobile application was responsible for
over 10% of loans issued, which now represents a significantly
larger proportion than our physical store business "
First quarter 2022 trading update (5)
The table below presents the two main KPI's (loans issued and
default rate) for the last five quarters:
Quarter Ended March-21 June-21 Sept-21 Dec-21 March-22
Loans Issued (GBP'000) 5,109 6,332 6,830 7,813 8,225
-------- ------- ------- ------ -------------
Loans Issued Growth
Rate QoQ 34% 24% 8% 14% 5%
-------- ------- ------- ------ -------------
Loans Issued Online
(GBP'000) 4,308 5,405 5,677 6,501 6,909
-------- ------- ------- ------ -------------
Loans Issued Online
Growth Rate QoQ 49% 25% 5% 15% 6%
-------- ------- ------- ------ -------------
Loans Issued via
Mobile Application
(GBP'000) - 158 420 671 860
-------- ------- ------- ------ -------------
Loans Issued via
Mobile Application
Growth Rate QoQ - n/a 167% 60% 28%
-------- ------- ------- ------ -------------
Loans Issued Offline
(GBP'000) 801 768 733 641 456
-------- ------- ------- ------ -------------
Loans Issued Offline
Growth Rate QoQ (13%) (4%) (5%) (13%) (29%)
-------- ------- ------- ------ -------------
Weighted Average
Default Rate([3]) 20,8% 24.5% 22.7% 21.9% See note([4])
-------- ------- ------- ------ -------------
In order to eliminate the effect of GBP/RUB fluctuations on the
financial results of Zaim Express, below is the table of loans
issued on constant currency basis. For the purpose of this
calculation average GBP/RUB exchange rate for Q1 2021 (102.5048) is
used.
Quarter Ended March-21 June-21 Sept-21 Dec-21 March-22
Loans Issued (GBP'000) 5,109 6,407 6,752 7,461 9,250
-------- ------- ------- ------ --------
Loans Issued Growth
Rate QoQ 37% 29% 3% 11% 24%
-------- ------- ------- ------ --------
Loans Issued Online
(GBP'000) 4,308 5,471 5,612 6,202 7,770
-------- ------- ------- ------ --------
Loans Issued Online
Growth Rate QoQ 52% 27% 3% 11% 25%
-------- ------- ------- ------ --------
Loans Issued via
Mobile Application
(GBP'000) - 159 415 647 967
-------- ------- ------- ------ --------
Loans Issued via
Mobile Application
Growth Rate QoQ - n/a 161% 56% 49%
-------- ------- ------- ------ --------
Loans Issued Offline
(GBP'000) 801 777 725 612 513
-------- ------- ------- ------ --------
Loans Issued Offline
Growth Rate QoQ (12%) (3%) (7%) (16%) (16%)
-------- ------- ------- ------ --------
Zaim Express continued to see growth in loans issued by 5% QoQ
(24% on constant currency basis ), driven by expansion of the
online and mobile platforms and funded from its existing cash
resources. Group policy remains to operate the Company and Zaim
Express as two self-funded entities.
The weighted average default rate decreased slightly to 21.9% in
Q4 as a result of more conservative approach to the credit scoring
in line with the management expectations.
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 in the loans issued in Q1 2022 was 37% compared
to Q1 2021
(3) Default rate is defined as no payment received after 120
days of the origination of the loan
(4) Data is not yet available for the quarter ended 31 March
2022 as the earliest time to determine default rates is 120 days
after the end of the period
(5) Starting from our Q1 2022 trading update we are introducing
the new reporting segment - "Loans issued via mobile application".
Starting from Q2 2021 loans issued via mobile application were
accounted within "Loans Issued Online" category. In the table below
loans issued via mobile application for Q2 2021 to Q4 2021 are
deducted from the previously reported loans issued online, which
explains the difference in the numbers of loans issued online
compared with previously reported for the respective periods
*Ends*
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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
Adviser: Beaumont Cornish
Limited
Roland Cornish / James Biddle Tel: +44 (0) 20 7628 3396
Optiva Securities Limited
Vishal Balasingham Tel: +44 (0) 20 3137 1902
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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END
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