Posted by The Creditstar Group, the company behind Monefit SmartSaver, has published an unaudited interim report for the third quarter. According to the figures, its loan portfolio grew to €638.1 million, representing a substantial increase of 45.6% over the past twelve months. Interest income amounted to €39.6 million in the last quarter, while net profit came in at €8.2 million. For the first nine months of the year, total profit reached €20.6 million, compared with €13.5 million for the entire previous year.
Based on my calculations, net debt to equity stands at 4.94x, just below the covenant limit of 5.0x. One year ago, the ratio was still at 4.41x. The remaining headroom amounts to approximately €6.8 million in additional net debt or €1.4 million in equity. The fact that the covenant limit was not breached in the last quarter was also due to a fresh €2.8 million capital injection via Kilde. Impairments, meanwhile, increased from €2.5 million to €5.2 million, making them the main reason for the roughly €500,000 decline in profit compared with the previous quarter.