“Lend MN NBFI” JSC, registered in the 1st classification of “Mongolian Stock Exchange” JSC presented operational and financial results for the year of 2024.
Financial results:
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As year of 2024, Company’s total assets have grown by 89.1% and reached MNT 252.3 billion, total net loan portfolio represent increases of 87.7% and reached MNT 231.7 billion from the previous year.
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Total revenue grew by 86.4% and reached MNT 89.2 billion. Net profit marking 82.4% increase and reached MNT 36.1 billion compared to the last year.
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The non-performing loan ratio is 4.3%, and which is 0.2 percentage points higher than the last year` performance. It is 1.8 percentage points lower than the average of the Non-bank Financial Institutions (NBFI) sector.
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The private bond of 20 billion MNT had been issued successfully.
Key highlights:
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The LendMN App 2.0 update, which includes a new innovative design with improved ease of use, enhanced privacy and security, and additional features that align with customer demand, has been successfully launched.
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The amount of MNT 5.9 billion as a dividend from the net profit of 2023 (29.9% of the total profit) was deposited into shareholders' securities accounts on April 5, 2024
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In 2024, the Company formed a working group to develop its Sustainability Policy, aimed at advancing its Environmental, Social, and Governance (ESG) goals and optimizing our resource use. This policy was approved by the Board.
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The new fully digital loan product 'Flexi Business,' which requires no collateral and is designed for small and medium-sized manufacturers and service providers, was successfully launched to the market. By the end of 2024, 123,000 business owners have already accessed their loan rights through the LendMN app, with a total of 35,000 disbursements amounting to MNT 153 billion in business loans. By the end of 2024, 23% of the total loan portfolio is comprised of this business loan segment.
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The 100% digital, collateral-free business loan product 'Flexi Business' was nominated for the 'Fintech Excellence Awards' in the Financial Inclusivity category, jointly awarded by the Singapore Central Bank and the Singapore FinTech Association. It was recognized for its significant contribution to improving financial inclusion for small and medium-sized businesses in Southeast Asia and globally, and was shortlisted in the final stage. This recognition marks a significant milestone as it acknowledges the introduction of digital business loans not only in Mongolia but also for the first time in Southeast Asia.
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