Overview:
LendMN NBFI JSC completed 2018 with significant growth and expanded scope of operations. In Q1 2019, the company appointed a new CEO, Gantulga Bulgan. During the reporting period, the company obtained the special licenses for Trust Services and Factoring Services from Financial Regulatory Commission.
1. Loan Operations
1. Loan Operations
Compared to 2018Q4, in 2019Q1, the number of customers increased by 28%, the number of loans disbursed increased by 40%, the number of loans disbursed increased by 37%, and the amount of loan portfolio increased by 60%.
Stock Performance
Since the IPO, LendMN’s share price has been steadily increasing and maintaining a leading position on the Mongolian Stock Exchange in terms of liquidity, volume and value.
On January 6th 2019, LendMN’s stock was upgraded from Tier II to Tier I on the Mongolian Stock Exchange.
The Board of Directors of LendMN approved to distribute dividends worth of MNT 800 million, 31.75% of 2018’s net profit, to the shareholders. Dividends were deposited in the shareholders registered an account on March 27, 2019.
Operational Highlights and New Services
In order to give incentives to the customers, LendMN successfully organized several reward programs and launched new services.
– During the Mongolian Lunar New Year, LendMN launched a program called “Azin Avdar”, meaning “Box of Luck”, which offered customers an opportunity to try out their luck by opening mystery boxes every day and claim 80% off Coupons of our merchant companies on LendMN app
– On the International Women`s Day, LendMN offered “Super Discount” coupons from the best 30 merchants to our female customers.
In order to increase products and services offered through the digital wallet, LendMN with collaboration of AND Systems launched mini-applications that allow customers to get their everyday services through LendMN Wallet.
Now, our customers can purchase movie tickets, order lunch, book hotels, and order fresh produce using the app from anywhere at their convenience. The LendMN Wallet made online purchasing much easier and much faster. Innovative service such this put LendMN at a competitive advantage.
LendMN held an Annual Shareholders’ Meeting on March 23, 2019, and updated our shareholders with the company’s activities in 2018 and appointed the Board of Directors.
LendMN held an Annual Shareholders’ Meeting on March 23, 2019, and updated our shareholders with the company’s activities in 2018 and appointed the Board of Directors.
The meeting also briefed the shareholders on the company’s plans for 2019.
Corporate Governance
On April 24, 2019, newly appointed Board of Directors are holding Board Meeting and planning to discuss whether to approve the company’s new structure, and who will be the next chairman, secretary, and members of committees.
