NEO Finance AB
Please find attached interim information for the 2022 Q1 of NEO Finance AB (hereafter – the Company) – sales results and unaudited financial data.
In the first quarter of 2022, NEO Finance AB continued to increase the volume of issued loans. In the first quarter of 2022, the platform funded EUR 7.075M, 3% more than in the fourth quarter of 2021. Meanwhile, revenue decreased by 16% to EUR 793K compared to the previous quarter (EUR 946K). The company’s EBITDA for the first quarter of 2022 was EUR 73K, while in the fourth quarter of 2021 this figure was (EUR 12K). The positive change was due to the growth of the loan portfolio, purposeful cost management and software development to automate the company’s processes. Accordingly, the profit before tax in the first quarter of 2022 was EUR 7K, while in the fourth quarter of 2021 a loss of EUR 79K was incurred.
|2022 Q1||2021 Q4||∆, %|
|Loans granted, EUR||7 075 335||6 867 328||3%|
|Income, EUR||793 048||946 289||-16%|
|Sales expenses, EUR||(383 183)||(587 142)||-35%|
|Gross profit/loss, EUR||409 865||359 147||14%|
|General and administrative expenses, EUR||(337 353)||(371 438)||9%|
|EBITDA, EUR||72 512||(12 291)|
|Profit/loss before tax, EUR||7 110||(79 076)|
|Income tax, EUR||9%||-11%|
|Net profit/loss, EUR||0%||-4%|
In the first quarter of 2022, the brokerage fee receivable on newly concluded loans, which is the largest source of income in peer-to-peer lending activities, amounted to EUR 755K. This income will be received throughout the disbursement period of the loans. Compared to the fourth quarter of 2021, brokerage fee revenue grew by 13%.
The volume of payment initiation services also grew in the first quarter of 2022 – Neopay customers performed almost 4.6M units of transactions. Compared to the fourth quarter of 2021, during which 4.8M units were processed, the volume of transactions decreased by 4%.
In the first quarter of 2022, the FinoMark crowdfunding platform issued business loans for EUR 501K.
Head of Finance