Increase in profitability with continued strong performance

OPERATIONAL AND STRATEGIC HIGHLIGHTS

• Group loans issued increased by 17.0% equalling EUR 37.8 million (3M 2018: EUR 32.2 million), of which EUR 24.3 million in mature markets (3M 2018: EUR 24.1 million)
• Consolidated number of active customers up significantly by approx. 30.8% to over 85,000 (31 December 2018: approx. 65,000)
• To further strengthen the grip on cost of risk several initiatives were launched, namely GPS project and security officer functions rolled out both as a Group and country priorities
• Near-prime car loan product has been successfully tested in Latvia and will be implemented in other mature and mid-tier markets where it has the biggest potential to succeed

FINANCIAL HIGHLIGHTS AND PROGRESS

• Interest and similar income up significantly by 34.7% to EUR 16.7 million (3M 2018: EUR 12.4 million)
• Rapid growth in net interest income of 37.5% to EUR 12.1 million (3M 2018: EUR 8.8 million)
• Quarterly increase in EBITDA by 43.2% to EUR 6.3 million (3M 2018: EUR 4.4 million)
• Net profit for the period adjusted for FX effects improved notably by 57.1% to EUR 1.1 million (3M 2018: EUR 0.7 million)

Modestas Sudnius, CEO of Mogo Finance, commented:

“First free months of 2019 have shown steady growth in loan issuances and significant increase in core financial indicators. Increased profitability is a result of continued Mogo Group’s development and investments initiated in the previous reporting periods. Together with solid capitalization ratio and healthy financing structure, Mogo Group has strong grounds for further financial performance improvement in the mid and long term.

Effective, market-leading processes have always been a backbone of Mogo Group’s operations and recent developments in process optimizations will allow us to strengthen our core competences even more. This together with our established regional teams will ensure sustainable growth in mature countries and will help to boost the operational excellence and quality portfolio growth in both start-up and mid-tier countries while better controlling the cost of risk.”

The full unaudited report for the three months ended 31 March 2019 is available here.

Conference Call:
A conference call in English with the Group’s management team to discuss these results is scheduled for 17 May 2019, at 15:00 CEST.

Please register here: http://emea.directeventreg.com/registration/4397238

The presentation for the conference call will be available here as of 17 May 2019, at 9:00 CET.

CONTACT:

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