It is August 2017 already so it is the very time to check how it is going at Mintos - overall default rates and profitability figures among loan categories. You are always welcome to check our first article here.

Loans performance at Mintos as of August 2, 2017:

Agricultural Loans

Currently represented only by AgroCredit, Latvia: 

  • Loans originated:                                                   EUR 0.38 mio,
  • Default rate:                                                            0%,
  • 60+ days late:                                                          0%,
  • Average Annual Yield:                                         7.1%

Comments: no new loans here. Stats are the same as of July 2017.

 

Business Loans

Represented by:

  • Aforti (Poland):                                                        EUR 4.1 mio (+0.6), 
  • Capitalia (Estonia, Latvia, Lithuania):                   EUR 6.8 mio (+0.3),
  • Mano Unija (Lithuania):                                         EUR 0.1 mio,

Loans stats:

  • Loans originated:                                                   EUR 11.0 mio (+0.9),
  • Default rate:                                                            EUR 0.05 mio; (0.4%)
    •  Capitalia loans in Lithuania without Buyback guarantee went into default.
  • 60+ days late:                                                          EUR 0.14 mio; (1.3%),
    • Capitalia loans in Lithuania, Estonia and Latvia fell into this category.
  • Average Annual Yield:                                           12.1%

Comments: Aforti is actively marketing own assets at Mintos  (+15% increase just in one month). No new defaults have been identified.

 

Invoice Financing

Represented by:

  • Debifo (Lithuania):                                                  EUR 6.2 mio (+0.2),
  • Capitalia (Estonia, Latvia, Lithuania):                   EUR 4.2 mio,
  • PangMaoBao (China):                                             EUR 5.4 mio,

Loans stats:

  • Loans originated:                                                   EUR 15.8 mio (+0.2),
  • Default rate:                                                            EUR 0.02 mio; (0.1%)
    •  Capitalia loans in Lithuania, Estonia and Latvia without Buyback guarantee went into default.
  • 60+ days late:                                                          EUR 0.08 mio (+0.02); (0.5%),
    • Capitalia loans in Lithuania, Estonia and Latvia as well as Debifo (Lithuania) fell into this category.
  • Average Annual Yield:                                            9.5%

Comments: Debifo was the only company to grow its portfolio at Mintos60+ days late rate has increased slightly without deteriorating overall picture.

 

Mortgage Loans

Represented by:

  • ACEMA (Czechia):                                                   EUR 0.2 mio,
  • Extra Finance (Romania):                                      EUR 1.3 mio (+0.5),
  • Hipokredit (Latvia, Lithuania):                              EUR 8.5 mio (+0.3),
  • Kredito Garantas Extra Finance (Lithunia):        EUR 0.9 mio,
  • West Kredit (Latvia):                                               EUR 0.1 mio,

Loans stats:

  • Loans originated:                                                   EUR 11.0 mio (+0.8),
  • Default rate:                                                            EUR 0.19 mio (+0.01); (3.2%)
    •  Hipokredit loans in Latvia without Buyback guarantee went into default.
  • 60+ days late:                                                          EUR 0.17 mio (+0.01); (2.9%),
    •  Hipokredit (Latvia) and Kredito Garantas (Lithuania) fell into this category.
  • Average Annual Yield:                                            12.7%

Comments: Romania based Extra Finance is rapidly expanding its presence at Mintos - by +63%  just for one month. Latvian Hipokredit still holds the dominion position at the sector by increasing its pool by more than 3% in July. Default  and 60+ days late rates have increased slightly without deteriorating overall picture.

 

Personal Loans

Represented by:

  • Aasa (Poland):                                                         EUR 1.9 mio,
  • Banknote (Latvia):                                                  EUR 34.8 mio (+2.5),
  • Capital Service (Poland):                                       EUR 4.6 mio,
  • Creamfinance (Czechia, Demark, Georgia):       EUR 4.4 mio (+0.5),
  • Creditstar (Poland, Spain):                                    EUR 4.8 mio (+0.3),
  • Eurocent (Poland):                                                 EUR 0.7 mio,
  • ID Finance (International):                                    EUR 0.1 mio,
  • ITF Group (Bulgaria):                                              EUR 0.7 mio,
  • LuteCredit (Moldova):                                           EUR 0.4 mio,
  • Lendo (Georgia):                                                    EUR 17.1 mio (+3.5),
  • Mozipo Group (Poland):                                       EUR 4.3 mio (+0.9).

Loans stats:

  • Loans originated:                                                   EUR 76.8 mio (+9.0),
  • Default rate:                                                            EUR 0.0 mio; (0.0%)
  • 60+ days late:                                                          EUR 0.01 mio; (0.05%)
  • Average Annual Yield:                                         11.9%

Comments: Latvian Banknote is still increasing its pool at Mintos +7% for one month maintaining its leader's position in the sector. Georgian Lendo was the biggest investment requirer for the month with more than EUR 3.5 mio loans added to the marketplace. First 60+ days late assets have appeared on the radar from Poland based Eurocent but nothing dangerous to the overall performance yet. 

 

Pawnbroking Loans

Currently represented only by Banknote (Latvia): 

  • Loans originated:                                                   EUR 3.6 mio (+0.9),
  • Default rate:                                                            0%,
  • 60+ days late:                                                          0%,
  • Average Annual Yield:                                         9.2% (+0.1%)

Comments: Latvian Banknote is still the sole player here but adding more than 36% to its pool in July. Still no sings of defaults for Banknote assets. 

 

Car Loans

Represented by:

  • ACEMA (Czechia):                                                   EUR 0.02 mio,
  • MOGO (Estonia, Latvia, Lithuania, Poland):       EUR 57.9 mio (+7.5),
  • Nord Lizings (Latvia):                                             EUR 0.06 mio,

Loans stats:

  • Loans originated:                                                   EUR 65.5 mio (+7.5),
  • Default rate:                                                            EUR 0.15 mio; (0.2%)
    •  MOGO loans in Latvia, Estonia and Lithuania without Buyback guarantee went into default.
  • 60+ days late:                                                          EUR 0.02 mio; (0.01%),
    •  MOGO loans in Latvia, Estonia and Lithuania without Buyback guarantee went into default.
  • Average Annual Yield:                                            12.3% (+0.1%)

Comments: International MOGO is still the only active player here - adding 11.5% to its pool at Mintos. The business appears very stable as no signs of defaults have been spotted even taking into account ever increasing the MOGO's pool's volume.

 

Short-term Loans

Represented by:

  • Aasa (Poland):                                                         EUR 0.0 mio,
  • Aventus (Czechia):                                                  EUR 0.2 mio,
  • Banknote (Latvia):                                                  EUR 5.2 mio (+0.4),
  • Creamfinance (Czechia, Demark, Georgia):       EUR 42.1 mio (+2.4),
  • Creditstar (Poland, Spain):                                    EUR 3.2 mio,
  • GetBucks (Poland):                                                 EUR 0.2 mio,
  • ID Finance (International):                                    EUR 3.0 mio (+0.8),
  • ITF Group (Bulgaria):                                              EUR 1.0 mio (+0.1),
  • Lendo (Georgia):                                                     EUR 77.5 mio (+6.4).

Loans stats:

  • Loans originated:                                                   EUR 135.5 mio (+10.8),
  • Default rate:                                                            EUR 0.0 mio; (0.0%)
  • 60+ days late:                                                          EUR 0.0 mio; (0.0%)
  • Average Annual Yield (AAY):                             11.9%

Comments: Georgian Lendo is the key player in the sector at Mintos - responsible for 57% of total loan originations in this group and still adding to its share. Another notable player - Creamfinance has also managed to increase its pool by about 6%.  No signs of default have been detected as all the loans in the segment are covered by BB protection feature. 

 

Total Loans (all segments)

Loans stats:

  • Loans originated:                                                   EUR 319.7 mio (+30.2),
  • Default rate:                                                            EUR 0.4 mio; (0.1%)
  • 60+ days late:                                                          EUR 0.4 mio; (0.1%)
  • Average Annual Yield (AAY):                             11.8%

Comments: Considerable increase in overall Loans originated amount by about 10.4% for the month of July did not increase absolute default values, while slightly improving overall default levels at Mintos. No worry signs for investors has been detected at the moment.

 

Conclusion

As we can see from the figures presented above there are no warning flags on assets quality deterioration, in contrast, Mintos has managed to increase its total loans origination value (mainly with the help of its partners such as georgian Lendo)  virtually without any additional default rates levels increase which appears to be a very positive sign for Mintos investors.  Georgia based Lendo was very active in July and is still quite a new player to this field with not a very typical geo location (not in Europe but between Russia and Turkey) with a fast-pacing national economy and further lucrative growth prospects might be an interesting option for a risk seeking investor, however these investors should be still cautious and are recommended to invest in Georgia only gradually as there is no clear track record for these investments there.  BB protection option is the tool to use here (gladly it is offered by Mintos).

We reiterate our recommendation from the past month:

"All in all the assets available at the Mintos marketplace offers lucrative alternative to virtually 0% deposits at European banks despite repesenting slightly higher risk.  It is actually an opportunity for  P2P investors to construct own synthetic bonds portfolio including key local leading loan originators in their segements".

Check Mintos website here.

 

Let's discuss it!

 

 

 

 

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