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We continue to inform you about the stability of the loan originators on iuvo in the current circumstances in the world.
We already shared the statements of our holding MFG and the originators part of it. You can read them in Part 1 and Part 2 of this series.
Now get familiar with the statements of the CEOs of Fast Finance and Ibancar.
Fast Finance
“We are not affected by the current situation in any way. The growth trend is maintained.”
Dear Investors,
Almost a month has passed since the beginning of the armed conflict between Russia and Ukraine, a conflict which, in addition to the immense humanitarian drama caused, is also the generator of a state of strong economic uncertainty.
In this case, it is my duty to inform you of how this whole situation affects our company.
Fortunately, so far, we have not been affected in any way by the economic uncertainties I referred to above. Neither directly, nor indirectly We have not noticed any change in the frequency and volume of payments received recently and we have not been informed by any of our clients that they have been affected economically and financially so that they cannot honor their financial obligations under credit agreements.
On the contrary, our business is growing. Preliminary financial results show that in 2021, we had a more than 35% increase in total incomes compared to 2020. Also, the profit in 2021 was 50% higher than in 2020.
The growth trend is maintained, considering the number and value of credit agreements already concluded in 2022, including those of the last month.
Compared to the fact that we only grant business loans, and that they are granted only if they are guaranteed with real estate guarantees, we consider that this is additional proof of the fact that our clients trust in their business and in our partnership.
Finally, I assure you – as before – of all our cooperation and transparency in going through this period.
Sincerely,
Adrian Cocora, CEO
Ibancar
Ibancar performance remains exceptional with a consistently low level of NPLs
Spain, March 2022
Ibancar loan book performance remains exceptional with a consistently low level of NPLs and zero credit losses.
Despite the ongoing international environment, with regards to Ibancar in Spain, the crisis in Ukraine is not affecting business performance.
What we do see is that it affects society and consumer behavior as people are shocked and reminded that wars can still occur, all of this leads to a change in priorities. We feel that increasing inflation and the current fear factor will lead to more borrowing. In times of crisis providing basic needs and having liquidity become everyone’s top priority.
Ibancar, with a €5m loan book, is well-positioned to serve our clients’ needs and our growth rate remains phenomenal. Loan book performance has also remained excellent with non-performing loans currently below 3% and zero credit losses.
The use of collateral in lending continues to be the key element to our success, it allows us to be inclusive as well as secure, delivering constant returns to investors.
Alexander Melis
CEO
Ibancar World SL
