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In 2024, MFG maintains its sustainable growth trend. Consolidated operating income increases by 25.9% and reaches €257.88M, compared to €204.80M in 2023. The main contribution is from Interest, Fees and Penalties Income.
EBITDA for 2024 amounts to €43.88M (+14.3%), and net profit to €36.38M compared to €32.24M in 2023 (+12.9%).
As of 31.12.2024, the Group manages a Gross Loan Portfolio of €259.47M, compared to €214.49M a year earlier (+19.3%). The net loan portfolio after impairment amounted to €167.41M, with credit exposures forming over 52% of MFG’s total assets. This increase reflects the expansion of lending activity and the growing volume of clients in all markets in which the Group operates.
Provisions for expected credit losses (ECL) reached €92.05M, compared to €74.76M in 2023 (+23.1%). The increase is proportional to the expansion of the portfolio and reflects MFG’s conservative approach to assessing credit risk. The coverage of provisioned loans reached 23.4% of the total portfolio (2023: 18.7%), which provides a stable buffer against potential future losses.
Impairment charges on financial assets increase by 49.2% from €40.66M in 2023 to €60.64M in 2024, and the impairment charge to income ratio increases to 23.5% (2023: 19.8%). This demonstrates an active risk management policy and the application of stricter criteria when assessing expected credit losses.
The Group’s total assets amounted to €321.27M as of 31.12.2024, compared to €264.95M as of 31.12.2023 (+21.3%), with growth supported by increased lending and a significant increase in cash to €22.32M (+125%). Equity increased by 19.9% to €218.37M, indicating high capital adequacy and internally generated resilience.
MFG’s liquidity improves significantly – cash more than doubles and the current ratio increases. Net cash flow from operating activities remains positive, ensuring stability and the ability to finance growth without the need for aggressive external borrowing.
Read MFG’s full audited report for 2024 HERE.
