Dear Shareholders:
The employees of LendMN NBFI JSC have worked hard over the last quarter, and have had many successes and achievements which to report to its dear customers and shareholders. Therefore, LendMN is presenting its financial and operational reports of Q2 2018 to you all.
At the end of Q2 2018 , the total number of customers of LendMN reached 54,919, an increase of 36% compared to the previous quarter. We have extended 175.3 thousand loans totaling MNT 32.7 billion in last quarter, an increase of 48% compared to Q1
The total revenue of Q2 of LendMN reached MNT 1.52 billion , an increase of 38% compared to the previous quarter. In the first half of the year, the total net profit reached MNT 1.241 billion and the total net profit of Q2 increased by 62% compared to the previous year reaching MNT 766.6 million. Please refer to the financial statements for detailed statistics.
Since its reorganization into a joint stock company and open offer of its shares to the public in March 2018, the company officially called and held its first Shareholders’ Meeting in the Palace of Independence on 9 May 2018. 87.5% of the total shareholders with voting rights have attended the meeting in person and adopted articles of association of the open stock company, which are part of its core governance documents.
Furthermore, the meeting appointed a new Board of Directors (BoD) and elected nine members responsible for offering policy management to the company’s executive bodies and monitoring its operations.
The first meeting of the newly appointed Board was conveyed on 4 June 2018, and it adopted its internal policies and appointed O. Boldbaatar as the Chairman of the Board. In addition, it was decided to establish three committees under the Board. According to the decision of the Board, Delgerjargal Bayanjargal was elected and appointed as the CEO of LendMN NBFI. B. Delgerjargal has 26 years of experience working in the financial sector.
The Board of Directors of LendMN have decided to issue 5 billion MNT closed end bonds in the second and third quarter to accommodate for the company’s growth and for the financing of its core loan products. Of these, the closed bond of MNT 1.0 billion has been issued on 18 June 2018 and raised its related capital.
Since trading of LendMN’s shares at the secondary market began on 14 March 2018, the company has led indexes of the Mongolian Stock Exchange in terms of its liquidity, number and value of shares traded. As of 30 June 2018, the price per share reached MNT 56.40, an increase of 126% from the price of MNT 25.00 which was offered to the first market.
Last quarter, LendMN has issued its 400,000th loan and contracted its 50,000th customer. The number of customers to whom LendMN provided services through its call center reached 116,000 people.
The company has expanded its sales operation in rural areas and organized direct sales in Darkhan,
Selenge, Erdenet, Murun and Baganuur, and presented its products and services to over 10,000 potential customers.
We are making improvements which make LendMn applications easier and simpler in keeping with the needs, wants and demands of our customers. For instance, as LendMN simplified the on boarding process so that customers can be registered in 2 minutes. As we integrated the KHUR governmental information exchange system, the registration process became more advanced.
The loan limit ceiling has been increased to MNT 2,000,000 to reward our loyal customers who have presented and maintained high financial discipline.
LendMN has obtained the license from the Financial Regulatory Commission to engage in digital payments and money transfer service. Thus, in addition to the loan service, new services such as payments and money transfers can be done easily and quickly through LendMN applications. The LendMN application development team put a special focus on the new solution of digital payments, and is ready to offer the service to its customers.
