en 
We continue to inform you about the stability of the loan originators on iuvo in the current circumstances in the world.
We already shared the statements of most of the originators and our holding MFG. You can read them in Part 1, Part 2, and Part 3 of the series.
Now get familiar with the statements of the CEOs of NordCard and Adwisers.
NordCard
RUSSIA-UKRAINE CRISIS IMPACT
NordCard does not cooperate with partners from Russia, Ukraine (and even Belarus), as well as the raised capital is obtained from Latvia or co-financing platforms, such as Iuvo. The company’s board and shareholders are only from Latvia and have not been affected by sanctions or political decisions related to the crisis. Also, the company’s customers are only residents of Latvia, as the company itself operates only in Latvia. As a result, NordCard is not affected by the crisis, and the company’s management does not anticipate any adverse effects soon.
STATISTICS
Due to the Russia-Ukraine crisis and the ongoing Covid-19 pandemic, NordCard is not experiencing any reduction in lending. On the contrary, the beginning of 2022 has been very stable and has large issuance volumes. NordCard has reached 3M’s total gross portfolio in early 2022, and this growth is also having a positive impact on the company’s profitability, starting this year with a profit.
We do not see any significant changes in our repayment rates. Both 1- and 2- and 3-month repayment rates are sufficiently stable and relatively unchanged over the past year. The NordCard team is working hard to improve repayment rates, but much has already been achieved compared to 3 years ago (an improvement of about 30%).
The company optimized various cost positions and reached very low costs in February and March. The cost trend is stable but slightly negative, thus allowing for higher profitability. Income is significantly increasing, and there is a positive trend as more and more new loans are issued. In addition, the company received very high income already in 2022 because of the increase in issued loans.
We are confident that the actions taken will be sufficient to strengthen the company’s positions in the market in the long term. We are closely following the information available on the crisis and the political decisions in Latvia to reduce the impact of the crisis on NordCard. We believe that with the help of the Iuvo platform, we will be able to develop our business and improve profitability by increasing total portfolio even in these difficult times.
CEO of NordCard
Daniels Jukna
See the original statement with graphs HERE.
Adwisers
“We follow carefully the international events close to our borders and the implications of such a conflict in the market trends.
Regarding our clients, they do not carry out activities that would be directly affected by the invasion of Russia in Ukraine. The portfolio at 31.01 (last report) shows that 80% of Adwisers exposure consists of loans without days of delay.
Adwisers also has no partners in the two countries that are involved in this war.
Also, the profit remains at the same level as in 2020 in the next weeks we will be ready with the final annual balance sheet and the profit and loss account up to 31.12.2021.
We anticipate an increase in our business as a result of the economy recovery after covid-19 pandemic, as restrictions are lifted in Romania and across Europe, but we remain cautious and analyse each financing application in terms of risk. Also, Romania benefits from the advantages of being a NATO and EU member, so our country has a stable position.”
Thank you for your support,
Gabriel Cretu
CEO Adwisers Financial IFN
