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Published : 2026-10-08 08:11:51 CEST INDEXO - Inside information INDEXO INDEXO sets out 2029 plan for Group growth driven by consumer lending The management of IPAS INDEXO ( hereinafter - INDEXO ) has adopted an updated strategy and financial plan for 2026-2029 , which replaces the previous forecast . Group net profit attributable to shareholders is planned to grow from EUR 0.5-1 million in 2026 to EUR 37-42 million in 2029 . DelfinGroup and the pension business are on track to deliver strong results . Consumer lending becomes the Bank's main focus for the next 24-36 months . The Bank is expected to reach net profit in the fourth quarter of 2027 , while more than doubling its loan portfolio to close to EUR 360 million by the end of 2027 . For 2028 , Group net profit attributable to shareholders is projected at EUR 24-27 million , compared with EUR 30-34 million in the previous forecast . The main reason is higher loan loss provisions as the Bank focuses on fast growth in consumer lending . Group forecasts Group , EUR million Total income Net profit attributable to INDEXO shareholders Loan portfolio Pension assets under management ( EUR , billion ) 2026 2027 2028 2029 0.5-1 72 90-95 9-11 120-130 24-27 145-160 37-42 1.8-1.9 340 520-600 2.0-2.2 770-900 1000-1200 2.3-2.5 2.6-2.9 " Our strategy to build a strong local financial services group is on a good path . Our asset management business and DelfinGroup are delivering excellent results to shareholders . Two years ago we opened a bank . Today it serves more than 70,000 customers , and we have become a significant player in the Latvian consumer credit market , with over 12 per cent market share in monthly new lending . We see most of the mortgage refinancing flow in the market , and we are building on that strength with home equity lending , a product that lets homeowners put the value already in their property to work , and one we intend to grow . By the end of 2026 the Bank's loan portfolio is forecast to match DelfinGroup's . The Bank reaches net profitability in the fourth quarter of 2027 and becomes the Group's largest profit contributor after 2029. In the coming year we will enter the corporate lending market , significantly widen our range of lending products and accelerate the growth of the Bank's loan book . All of this contributes to achieving our long - term goals , " says Henrik Karmo , CEO and co - founder of INDEXO . The Bank : consumer lending first The first two years have proved that there is room for a new bank in Latvia . Consumer lending has proved to be a very good opportunity for a new bank : it grows revenue fast and finances the development of other banking services , where scale takes longer to build . The Bank therefore focuses on this more profitable market segment , where it has good unit economics . Mortgage lending will increase gradually as the number of daily banking customers and their account balances grow .