QLIRO AB Third quarter 2020 compared with third quarter 2019
- Total operating income increased by 13 percent to 97.1 MSEK (85.7), the highest growth rate since the second quarter 2019
- Operating profit was -9.5 MSEK (1.5)
- Net credit losses amounted to 23.3 MSEK (10.6)
- Net profit for the period was -8.6 MSEK (1.0)
- Earnings per share was -
0.48 SEK (0.06) - Lending grew with 32 percent to 2 201 MSEK, lending grew in Payment Solutions as well as Digital Banking Services
- The payment volume increased by 16 per cent to 1 466 MSEK, the highest growth rate since 2018
Other comments
- During the third quarter number of active customers increased with more than 100 000 to more than 2.3 million
- During the year customers had 8.3 million interactions in Qliro’s digital platforms – an increase with more than 30 per cent
Comment from
“Income increased by 13 percent and increased in both Payment solutions and Digital banking services. Income growth in Digital banking services remains high, but the growth rate has declined since the COVID-19 outbreak due to more conservative credit assessments and lower demand. Expenses increased by 13 percent compared with the same quarter in 2019, but have stayed at a stable or lower level since the fourth quarter 2019. Qliro’s underlying credit quality is stable with no general negative effects on customers ability to pay. However, larger provisions are being allocated for expected credit losses due to the deteriorating macroeconomic situation since the COVID-19 outbreak, and due to slightly lower prices in the continuous sales of non-performing loans. In Payment solutions, credit losses are lower than 1.25 percent of pay-after-delivery volume, and in Digital banking services the credit loss level in relation to lending is less than 2.5 percent.
We are a growth company in a growth industry, digital payments for e-commerce. We are a young company with a modern platform and a clear position, where more and more e-merchants see the value of our partnership model. In addition, we have a modern digital platform for financial services, where we can integrate partners that have relevant services. In 2020, expenses have been stable and the ambition is that income will grow faster going forward than expenses”.
Presentation of the report
Media, analysts and investors are invited to a conference call on the 21st of October at 11 am CET when CEO
After the presentation there will be a Q&A session:
Telephone:
Link to the webcast: tv.streamfabriken.com/qliro-q3-2020
You can also follow the presentation on:
qliro.com/en/investor-relations/presentations
© Modular Finance, source
