Before Leitrim-based Money nearly doubled the size of its loan book to €1bn
Before Money, a consumer finance company owned by Spanish banking group Bankinter, announced that the size of its loan portfolio had almost doubled to 1 billion euros.
ankinter disclosed the performance of the Co Leitrim-based company’s loan portfolio in its fiscal year 2021 results.
According to the results, Avant Money’s loan portfolio grew by 97% to €1 billion, helped by around €400 million in new mortgages in 2021.
Avant Money managing director Chris Paul said the results have been impressive and he plans to grow in the coming year.
“We are delighted with our results for 2021, as well as the confidence that an ever-growing number of Irish consumers are placing in Avant Money by choosing us as their preferred credit provider,” he said. “Our success in reaching 1 billion euros in loans across our credit cards, personal loans and mortgage products is an important milestone for the company.
“We have received the unwavering support of our parent company, Bankinter, and have ambitious plans to continue to bring value and choice to consumers, innovate and grow our business in 2022 and beyond.”
According to a transcript of an analyst call covering 2021 results, Bankinter Group Chief Financial Officer Jacobo Diaz Garcia said Bankinter aims to continue Avant Money’s growth in 2022 and expand its market share of 3% of levies on mortgages. He said he had a “very good last quarter” of the year in terms of new personal loans and credit cards in progress.
“This year we have seen 400 million euros of new mortgage production,” he said. “So next year we should see something a bit higher. So it would be the performance I expected for Ireland.
In 2020, Avant Money shook up the mortgage market when it launched, offering low rates.