TIDMZAIM
RNS Number : 3050A
ZAIM Credit Systems PLC
01 June 2021
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For Immediate Release
1 June 2021
Zaim Credit Systems Plc
("Zaim" or the "Group")
First quarter 2021 trading update
Another record-high quarter of loans issued
Zaim Credit Systems plc (the 'Group' or 'Zaim'), the Russian
focused 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 Dec 2021.
Highlights[1]:
-- Further strong growth of the business which continues to perform well
-- Another record-high quarter of loans issued of GBP5.1m growing by 34% vs. Q4 2020
-- Loans issued online reached GBP4.3m, growing by 49% vs. Q4 2020
-- Online business comprising now 84% of business and continues to be the main engine for growth
-- The Group continued to trade profitably in Q1 2021
-- Focus of the Group is now to maximise growth and customer
numbers over profitability and gain as much market share as
possible over the near term
-- In line with strategy to maximise growth and number of
customers the Group secured additional R50m of funding from
existing debt providers in April (as previously announced)
Siro Cicconi, Zaim's CEO commented:
"In the first quarter of 2021 we have continued to perform well
and the growth in the business remains strong with a 34% Quarter on
Quarter increase in loans issued, driven by the pivot in strategy
to a majority online focused business.
This online strategy has driven outstanding growth in the last
three quarters and making the business sustainably profitable due
to a significantly lower fixed cost base and greater scalability.
Our continued investment in our proprietary platform and process,
including the development of a soon to be launched mobile
application through which we hope to be a significant additional
driver of growth in the business, makes us confident that the
online part of the business is now very well positioned to capture
further market share.
Q1 is traditionally the weakest and worst performing quarter of
the year due to seasonal, holidays and traditional factors, so I am
delighted the business continued its strong growth which is
underpinned by strong cash generation from the existing portfolio.
This sets the scene for a positive rest of the year to come and I
look forward to updating the market further in due course"
First 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 March-20 June-20 Sept-20 Dec-21 March-21
Loans Issued (GBP'000) 2,549 1,622 2,307 3,812 5,109
-------- ------- ------- ------ -----------
Loans Issued Growth Rate
QoQ (36%) 42% 65% 34%
-------- ------- ------- ------ -----------
Loans Issued Online (GBP'000) 346 378 1,153 2,889 4,308
-------- ------- ------- ------ -----------
Loans Issued Online Growth
Rate QoQ 9% 205% 151% 49%
-------- ------- ------- ------ -----------
Growth Issued Offline (GBP'000) 2,203 1,244 1,154 923 801
-------- ------- ------- ------ -----------
Loans Issued Offline Growth
Rate QoQ (44%) (7%) (20%) (13%)
-------- ------- ------- ------ -----------
Weighted Average Default
Rate[2] 13.6% 12.1% 15.8% 17.7% See note[3]
-------- ------- ------- ------ -----------
Notes:
1 All figures presented throughout this announcement represent
unaudited management information taken from the internally
generated management accounts of Zaim-Express LLC
2 Default rate is defined as no payment received after 120 days
of the origination of the loan
3 Data is not yet available for the quarter ended 31 March 2021
as the earliest time to determine default rates is 120 days after
the end of the period
The Group continued to see strong growth in loans issued during
the quarter with an increase of 34% QoQ, driven by growth in the
online business
The weighted average default rate increased slightly to 17.7% in
Q4 as a result of the increase in the number of first-time
customers which inherently have statistically higher probability of
defaults.
This increase in default levels is in line with the management
expectations and is a result of the strategy to maximise growth and
gain as much market share as possible. This is being diligently
managed and is caused by the rapid growth of online business and is
not due to any deterioration of business performance.
Recent trading & Outlook
With Q1 now behind us the business continues to grow strongly
and with the availability of further funding the Group is well
placed to gain further market share. We continue to implement
improvements to the user experience and technology and explore new
product offerings to further grow the business.
Enquiries:
Zaim Credit Systems Plc
Simon Retter
Siro Cicconi Tel: +44 (0) 73 9377 9849
Alex Boreyko Tel: +7 925 708 9 8 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 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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