- Lendified Holdings (LHI) has reported its first profitable quarter and appointed a new CEO
- Earnings came in at C$409,072, driven by reductions in operating expenses and recovery of provision for credit losses
- The company funded $0.62 million in loans during the quarter
- The company also appointed long-time employee Eoghan Bergin as Director and CEO
- Lendified operates a lending platform that provides working capital loans to small and medium-sized businesses across Canada
- Lendified Holdings (LHI) is unchanged trading at $0.03 per share
Lendified Holdings (LHI) has reported its first profitable quarter and appointed a new CEO.
Q2 2021 financial highlights
- Positive earnings of C$409,072 driven by reductions in operating expenses and recovery of provision for credit losses
- Operating expenses decreased by 89 per cent to $0.35 million compared to Q2 2020. The recovery of provision for credit losses amounts to $0.47 million for the quarter
- Continued operational streamlining with $0.62 million in loans funded in the quarter
Appointment of CEO
Lendified has also appointed Eoghan Bergin as Director and CEO.
Bergin has served as VP of Operations and Head of Sales and Marketing during his almost five years at the company.
“I am excited about the opportunity that Lendified has before it. With the improved financial position, the company is perfectly poised to take advantage of a very large and growing market, especially as the country emerges from pandemic-enforced restrictions,” Bergin said.
Lendified operates a lending platform that provides working capital loans to small and medium-sized businesses across Canada.
Lendified Holdings (LHI) is unchanged trading at $0.03 per share as of 1:27 pm ET.
