IOU FINANCIAL INC. REPORTS FINANCIAL RESULTS Company highlights strong year over year growth in loan originations, return to profitability on an annual basis, and provides update on Post-Pandemic Growth Plan.
- Total loan originations reached US$161.5 million in 2021, representing an increase of more than 90.3% over 2020 and surpassing all previous annual loan origination figures in the history of the Company.
- Total loans under management increased 72.5% in 2021 to $119.5 million over 2020 ($69.3 million) driven primarily by an increase of 109.4% in the servicing portfolio over 2020.
- Servicing and fee revenue increased 89.8% to $10.1 million in 2021 from $5.3 million in 2020.
- Continued to support the future growth in loan originations as evidenced by an increase in adjusted operating expenses of 15.9% to $11.0 million in 2021 compared to $9.5 million in 2020.
- Achieved net earnings of $3.7 million on an IFRS basis in the year.
MONTREAL, April 27, 2022 /CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today its results for the year ended December 31, 2021.