DelfinGroup: renews the financial objectives set until 2024 and anticipates faster growth


Latvian Financial Services Company Delfin Group renews the financial guidelines previously set for 2022 and 2024 and sets new short-term objectives for 2023, anticipating faster development than initially planned. Based on current business results and development trends, the company has set more ambitious achievable targets – it plans to achieve the previously set targets for 2024 as early as 2023.

“Given the stable growth of the company and the good financial indicators, Delfin Group has already achieved its net loan portfolio target for 2022 in the first half of this year; as a result, the loan portfolio forecast for 2024 is increased from 70 million euros to 95 million euros. In addition, we will continue to develop credit products and their availability on digital channels, allowing us to set ourselves increasingly ambitious objectives for the growth of the credit portfolio. Based on the growth of the loan portfolio, the EBITDA forecast has also been increased, which is already estimated at 12.7 million euros in 2022 instead of the 12 million previously forecast”, explains the financial director of Delfin GroupAldis Umblejs.

Due to geopolitical and other external conditions, the situation on the capital markets has changed significantly – as a result, Delfin Group Funding costs have also increased as lenders demand higher yields, and the company is growing its loan portfolio faster. Consequently, the pre-tax profit forecast for 2022 is reduced; however, it is expected that in 2024 it will reach €16 million instead of the planned €12.9 million. Additionally, after evaluating the company’s steady growth across all major business segments, pre-tax profit is expected to grow faster than initially expected in the coming years.

From a long-term perspective, the company will continue to ensure that the equity ratio is not lower than 27%, while in 2022 it will not be lower than 25%. This can be justified by the distribution of annual dividends made in 2022, which were significantly higher than expected when setting the initial financial targets. As before, the company will continue to pay shareholders regular dividends of at least 50% of net profit.

In response to the unusual situation in the capital markets, due to which it is difficult to accurately predict the average interest rate of financial liabilities, Delfin Group, when setting financial targets, will now focus primarily on achieving overall financial results, such as EBITDA and profit before tax. Furthermore, it should be mentioned that during the post-IPO period, from October 2021 to February 2022, Delfin Group significantly reduces the cost of financing. The company plans to continue to do so in the future, but it is currently impossible to provide an accurate forecast to achieve this goal.

The table summarizes the planned financial targets for 2022, 2023 and 2024 for Delfin Group. Previously published goals are shown in parentheses.





Net loan portfolio (mEUR)

62 (51)


95 (70)


12.7 (12)


24.5 (17.6)

Profit before tax (mEUR)

7.5 (8.7)


16 (12.9)

Cost/revenue ratio




Return on equity (ROE)




Equity ratio

>25% (>27%)



Dividend payout ratio




About JSC DelfinGroup

JSC DelfinGroup is a licensed technology-based financial services company established in 2009 and operates under the Banknote and VIZIA brands. The company continuously develops and offers consumer and pawn loans, loans developed for the elderly, Buy now pay later loans (BNPL loans) and the sale of second-hand goods online and in more than 90 branches. through Latvia. On average, 35,000 loans are issued monthly and managed by a professional team of more than 300 JSC DelfinGroup employees. The company has a total of more than 400,000 registered customers. Since 2014, JSC DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and since 2021 as an equity issuer on the Baltic Main List. The company’s IPO in 2021 attracted nearly 6,000 new shareholders. The company regularly pays dividends to its shareholders. In the first half of 2022, the company’s net loan portfolio reached €53.8 million, while its EBITDA reached €5.8 million, with profit before tax on dividends of €3.6 million. euros. Corporate sustainability is driven by focused corporate governance, fintech innovation, responsible lending, financial inclusion and circular economy facilitation. The company has been profitable every year since 2010.

For more information, please contact:
Aldis Umblejs
JSC DelfinGroup Chief Financial Officer
Telephone: +371 26189988
Email: [email protected]


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