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IuteCredit nearly doubles 9-mo interest income in N. Macedonia

IuteCredit nearly doubles 9-mo interest income in N. Macedonia Ministry of Economy/All rights reserved.

SKOPJE (N. Macedonia), November 17 (SeeNews) - Estonia-based fintech company IuteCredit's unit in North Macedonia increased its interest income by 94.8% year-on-year in the January-September period of 2021, to 5.7 million euro ($6.4 million), the parent company said.

The net loan portfolio of IuteCredit Macedonia amounted to 18.6 million euro at the end of September, up from 11.3 million euro at the end of December 2020, IuteCredit said in an interim financial statement on Tuesday.

IuteCredit Macedonia's loan applications approval rate increased by 3% year-on-year in the first nine months of 2021.

Tallinn-headquartered IuteCredit is a microcredit and fintech company offering unsecured consumer loans with maturities between 1 and 36 months and car-secured loans with a maturity of up to 60 months. It is offering installment loans, in which the principal, interest and other fees must be repaid monthly according to a mutually agreed schedule.

The company also operates in Bulgaria, Bosnia and Herzegovina, Moldova and Albania.

($ = 0.8838 euro)