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Zaim Credit Systems PLC - Russian focused fintech company - Reports its wholly-owned subsidiary, Zaim-Express LLC, has seen a strong performance in the first quarter of 2022, with continued growth its key business metrics. Loans issued grow 5% quarter-on-quarter, and 61% year-on-year.
However, company notes ‘significant’ foreign exchange fluctuations between its functional currency and its reporting currency in the quarter. ‘As our operating currency is the Russian rouble and reporting currency is the British pound, the fluctuation of exchange rate of these currencies affects our reported performance,’ explains Chief Executive Siro Cicconi.
‘Even with this negative influence of the forex rates our business continued to grow both on quarter-on-quarter and year-on-year. We are significantly overperforming a very fast-growing market: the Russian microfinance market grew by 37% year-on-year on constant currency basis. In Q2 2022 we saw the reversal of the forex trend with Russian rouble significantly strengthening vs British pound, which will positively influence our reported numbers in the second quarter of 2022,’ he continued.
Current stock price: 1.04 pence, down 31% in London on Wednesday
12-month change: down 100%
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