Kruso Kapital (KK) Q3 2024 earnings summary

Executive summary

• Net income for the first nine months of 2024 reached €2.8 million, up 21% year-over-year, with adjusted net income at €3.0 million, up 27% year-over-year.

• The board approved consolidated financial statements as of September 30, 2024.

• Growth driven by increased lending volumes in Italy and improved commercial performance in Greece.

• Acquisition of a €0.7 million pawn credit portfolio in Italy and opening of a new branch in Sanremo.

Financial highlights

• Net interest income rose 38.4% year-over-year to €7.4 million for the nine-month period.

• Net commissions increased 16.2% year-over-year to €10.2 million.

• Total operating income (margine di intermediazione) grew 24.6% year-over-year to €17.6 million.

• Operating costs increased 20.4% year-over-year, mainly due to higher personnel and administrative expenses.

• Net income for the period was €2.8 million, up 21% year-over-year.

Outlook and guidance

• Commercial activity in Greece showed marked improvement compared to the same period last year.

• Cost of funding began to stabilize from Q2 2024, with growing margins year-over-year.