AS 4finance publishes financial report for 2022

  • Moderate growth in loans is in line with inflationary trends in the Latvian economy
  • 4finance Merger of Latvian companies simplifies operations, boosting profits


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General 4finance Holding SA Group turnover from operations in ten countries in 2022 reached 337 million euros. The company’s turnover from commercial activities in Latvia last year amounted to 26 million euros.

4finance Group profit before tax amounted to 48.9 million euros, of which 10% was income from commercial activities in Latvia.


Last year, the group paid 5.2 million euros in taxes in Latvia, which is 39% more than a year ago.

HOW 4finance financial statement now reflects all 4finance retail brands that have merged in 2022. The increase in profit was mainly achieved due to this reorganization of the company, which simplified its structure, as well as the greater use of automation processes in the company’s business processes. The increase in turnover reflected an increase in lending last year, which, in turn, was supported by the economic situation in the country. Profit before tax from commercial activities in Latvia amounted to EUR 4.9 million in 2022, which is a slight increase compared to 2021. This indicator increased due to the inclusion of dividends from other countries of the Group, where AS 4finance is a shareholder.

Steady growth in lending is explained by the general level of inflation in the country and proportionally corresponds to the general trend in the national credit sector.

As a result, AS 4finance the total turnover from the provision of credit services in Latvia increased by 20.5% compared to 2021. A similar trend is observed in the banking sector, which, unlike alternative financial service providers, was also affected by the increase in EURIBOR rates of the European Central Bank, as a result of which interest rates on both active and newly issued loans to customer banks increased by at least twice.

“The Latvian market is very sensitive to any shocks and crises. During the COVID-19 period, there was a sharp decrease in lending, as people were not sure about the future and took loans more carefully. At that time, in 2020, 4finance suffered a loss of 3.6 million. A similar decline was observed in the credit sector in 2022 with the outbreak of war in Ukraine and sanctions against Russia and Belarus, which contributed to the rapid growth of inflation. At the moment, when the pandemic is over, but the society is more or less accustomed to the military situation, the market is gradually stabilizing and returning to the old habits of using credit services,” AS said. 4finance regional manager in Latvia Guido Endlers.

“HOW 4finance The increase in turnover and profit in Latvia in 2022 can be explained by the fact that consumers need more financial resources to compensate for the increase in prices for goods and services.

Despite the fact that the total volume of loans issued by non-bank lenders increased in 2022, data from the Consumer Rights Protection Center (CPPC) show that the quality of the loan portfolio of this lending sector remains stable, and 91.16% of loans from the total loan portfolio are repaid without delays. This, in turn, means that people deliberately use credit services, do not take loans impulsively, but plan their finances for the long term. However, regardless of demand, we continue to adhere to the principles of responsible lending, cooperating only with clients who can meet the criteria for assessing the company’s solvency. Thus, we approve loan applications of only 10% of new clients. As a result, 4finance’s customer payouts are better than the industry average—within thirty days, our customers repay 93.7% of their loans, and in up to 90 days, we repay a total of 96.7%,” adds Endler.

About 4finance

Founded in 2008, 4finance is one of Europe’s largest digital consumer credit groups with operations in 10 countries. By leveraging automation and a data-driven approach across all business processes, 4finance Group has grown rapidly, providing over €10 billion in short-term and long-term loans, lines of credit and other related lending services since its inception.


4finance manages a portfolio of market-leading brands, offering simple, useful and transparent products to millions of customers. The Group responsibly delivers convenience products to many consumers who are underserved by traditional service providers.

The Group offers deposits as well as financing to consumer and SMEs through its subsidiary TBI Bank, an EU licensed institution with operations in Bulgaria, Romania and Greece.


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