Zaim Credit Systems PLC issues record loans

The group listed on the stock exchange Standard said it continued to trade profitably in the June quarter

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

Loans advanced to £ 6.3m in the quarter, up from £ 5.21m three months earlier and £ 1.6m a year ago.

Insolvency is also rising, with the total for the March quarter reaching 20.8%, although this reflects a strategy to increase market share as quickly as possible and increase online lending, Zaim said.

The publicly traded Standard subprime lender said it was still profiting in June, making it the fourth consecutive quarter of profitable growth, the statement said.

Siro Cicconi, Zaim’s CEO, said; “We continued to perform well in the second quarter of 2021 and business growth remains strong, with a 24% quarterly increase in loans.

“It is extremely important that almost all of Zaim’s business, with the exception of some flagship and legacy stores, is now generated via our online channel.

“Our continued investment in our own platform and process, including the launch of a mobile application that provides an additional sales channel and a significant growth factor for the company, gives us confidence that the web part of the company is now very well prepared to capture further market share.”

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