DelfinGroup signs €11mn credit facility agreement with Malta's Multitude Bank

By bne IntelliNews December 6, 2023

DelfinGroup nonbank lender has signed a €11 million credit facility agreement with Malta's Multitude Bank, LETA, a Latvian newswire, and BNS, a pan-Baltic newswire, reported on December 5.

DelfinGroup board member and CFO Aldis Umblejs informed that the two-year loan will enable the company to accelerate growth.

According to Umblejs, the funding raised is "another strategic step towards growth, enabling the company to realize its ambitious goals, including reaching a loan portfolio of €100 million by 2025". In the third quarter of 2023, the company's loan portfolio totaled €84.6 million. 

DelfinGroup representatives also note that the with this strategic step, the company continues to diversify its sources of funding through bond financing, the Mintos investment platform, banks, as well as equity, which allows the company to maintain its flexibility, effectively manage risks and optimize costs.

In early November, DelfinGroup registered another new €15 million unsecured private bond issue and refinanced €10 million worth of bonds maturing in November this year. The coupon rate of the new bonds is 9% plus three-month EURIBOR with a maturity of three years.

DelfinGroup's turnover last year was €35.776 million, which is 42% more than in 2021, while the Group's profit increased by 48.4% and reached €5.961 million. The company's loan portfolio grew by 54% last year to €67.4 million at the end of the year.

DelfinGroup, established in 2009, operated under the name of Lombards24.lv until 2012 when changed name to ExpressCredit. In February 2020, ExpressCredit was renamed DelfinGrup.

The company's largest owners are L24 Finance (57.53%) with Aigars and Linda Kesenfelds being the beneficial owners, EC Finance (18.81%) and AE Consulting (8.9%) owned by Agris Evertovskis. DelfinGroup shares are traded on the Nasdaq Riga Main List, LETA and BNS reported.

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