Zaim Credit Systems PLC (LSE:ZAIM) reported what it described as a "very strong" set of results for 2021.
The fintech firm that provides short-term loans in Russia said in its results for the 12 months ended 31 December that total loans issued increased by 153% to £26.1mln, with loans issued online growing 4.9x year-on-year.
It highlighted that in 2021, it grew market share in a rapidly growing market.
Since the turn of the year, against a backdrop of geopolitical crisis, the company said it has continued to be cash-generative and that effective demand remained strong, with business volumes continuing to grow.
Volatility in exchange rates, between the ruble and the pound, did not affect business performance, it added, and the company highlighted that its operations are wholly in Russia and ongoing performance should not be influenced by foreign exchange rates.
“The directors and the management of Zaim have a successful track record of turning crises into opportunities by reacting swiftly and decisively,” chief executive Siro Cicconi said in a statement.
“I am confident that the vast experience and dedication of the board and management team coupled with our low fixed cost highly scalable business model will help us to run the business in a challenging economic environment in the interests of all our stakeholders providing best in class fast and flawless digital services.”
For 2021, the company reported a net profit of £683,000 in the year and ended December with £1.47mln of cash and equivalents.
“During the COVID-19 quarantine period in Q2 2020, the group rapidly accelerated the shift in its new business model towards remote lending via the internet, which resulted in a significant increase in access to our products without the need to visit our stores and at the same time decreasing the fixed cost base,” Cicconi highlighted.
He added: “Total share of loans issued online and via the mobile platform reached 93.3%, which signifies completion of the transition towards online-centered business model.
“This transition was executed well and I am pleased with the results, demonstrated by the strong growth combined with a high profitability during 2021.”
Zaim Credit Systems PLC (LSE:ZAIM) is a UK-based holding company for Zaim Express LLC, which provides micro-loans in Russian cities such as Moscow and St Petersburg.