logo-loader
viewZaim Credit Systems

ZAIM Credit Systems yet to note any material business impacts from coronavirus

“The long-term impact of COVID-19 on the Russian economy remains uncertain,” said Siro Cicconi, ZAIM chief executive

Zaim Credit Systems - ZAIM Credit Systems yet to note any material business impacts from coronavirus

ZAIM Credit Systems Plc (LON:ZAIM), a microfinance lender predominantly operating in Moscow, has told investors that at present Russia is “relatively less affected by the virus outbreak than most of the other developed countries”.

Russia’s response to the pandemic presently includes travel restrictions, social distancing initiatives, and a ‘holiday week’ from 30 March to 5 April (potentially extendable) and the closure of non-essential businesses.

The company noted that it’s lending business, Zaim-Express, is not impacted by Russia’s closure of non-essential business and that the microfinance sector is deemed to be critically important in meeting the needs of the Russian population.

READ: ZAIM Credit Systems on track as credit scoring improves

In a statement, ZAIM detailed measures it has taken in its physical sites – to enable social distancing plus protective initiatives (using hand sanitizers, medical masks and more frequent cleaning of the customer zone). Additionally, it has developed its online and phone-based services.

Commenting on the business performance, the company said: “Zaim has yet to notice any material adverse impact from the aforementioned situation, however it is too early to be in a position to reliably predict the impact on the months ahead. “

The company said it intends to release its quarterly key performance indicators (KPI) update in April.

“The long-term impact of COVID-19 on the Russian economy remains uncertain,” said Siro Cicconi, ZAIM chief executive.

“However, our strong capital and liquidity positions makes us confident in the sustainability of the Company's operations. We are going to continue providing our customers easy and convenient access to affordable financial solutions, which is very important in this volatile environment".

Quick facts: Zaim Credit Systems

Price: 2.1 GBX

LSE:ZAIM
Market: LSE
Market Cap: £9.18 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Zaim Credit Systems named herein, including the promotion by the Company of Zaim Credit Systems in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Zaim Credit Systems waiting for clear picture of how Russia will emerge from...

Siro Cicconi of Zaim Credit Systems PLC (LON:ZAIM) says the company will wait to see how the coronavirus situation pans out in Russia before resuming its growth plans. The lender curbed activity when Russia went into lockdown but says the repayment attitude of its clients has not changed even...

on 4/6/20

2 min read