Zaim Credit Systems PLC grants record loans

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The group listed in Standard stated that it continued to trade profitably in the June quarter

() said they had issued a record number of loans in the three months to the end of December.

Loans issued rose to £ 6.3m in the quarter compared to £ 5.21m three months earlier and £ 1.6m a year ago.

Defaults are also rising, with a total of 20.8% for the March quarter, though that reflects a strategy to get market share as fast as possible and growth in online credit, Zaim said.

The subprime lender listed in the Standard continued to trade profitably in the June quarter, making it the fourth quarter in a row with profitable growth, according to a statement.

Siro Cicconi, CEO of Zaim, said; “We continued to do well in the second quarter of 2021 and the growth of the business remains strong with lending up 24% quarter over quarter.

“What matters is the fact that almost all of Zaim’s business, with the exception of a few flagship and legacy stores, is now generated through our online channel.

“Our continued investment in our proprietary platform and process, including the launch of a mobile application that is an additional sales channel and a major growth driver for the business, makes us confident that the online part of the business is now very well positioned to to gain further market shares. “

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