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Rifco Reports Fourth Quarter Results



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Red Deer, Alberta–(Newsfile Corp. – June 17, 2021) – Rifco Inc. (TSXV: RFC) (“Rifco” or the “Company”), is pleased to announce its consolidated results for the fourth quarter and the year ended March 31, 2021.

Annual Highlights

  • Rifco reported year-to-date Adjusted Net Income before Taxes of $4.9M and $0.23 per share. This is 283% higher than the prior year. Adjusted Net Income before Taxes removes the effects of the non-cash change in provision for impairment and one-time strategic review expenses. Net income including these items and taxes, was $4.8M and $0.22 per share.
  • The annualized Credit Loss Rate for the period decreased by 265 basis points to 4.41% from 7.06% in the comparable quarter. The Company believes this is partially a product of the operational improvements it has made, and the strength of the custom credit model, originally implemented in fiscal 2018.
  • The year-to-date Credit Spread Rate improved 227 basis points over the comparable period from 10.42% to 12.69%. The Company believes the latest pricing model implemented alongside the custom credit model has contributed to improved Credit Spread.
  • The Delinquency Rate (over 30 days) remains at an exceptionally low level of 2.74%. This is a decrease of 281 basis points over the prior year end.
  • On November 27, 2020, Rifco declared a $0.35 per common share special dividend. The dividend was paid in cash on December 7, 2020 in the amount of $7.6M.

Fourth Quarter Highlights

  • On April 15, 2021, Rifco announced the appointment of Roger Saran as President and Chief Operating Officer of Rifco National Auto Finance and also announced collaboration with autologiQ Inc. on ‘Easy Monthly Payments’ TM (EMP) program.
  • Rifco reported quarterly Adjusted Net Income before Taxes of $1.1M and $0.05 per share. This compares favourably with the prior quarter’s Adjusted Net Income before Taxes of $0.7M and $0.03 per share and the comparable quarter’s Adjusted Net Income before Taxes of $0.7M and $0.03 per share. Adjusted Net Income before Taxes removes the effects of the non-cash change in provision for impairment and one-time strategic review expenses. Net income including these items and taxes, was $0.7M and $0.03 per share.
  • Originations in the current quarter were $20.6M, a 15.1% increase over the prior quarter’s Originations of $17.9M.

While the Company is cautiously optimistic about recent and near-term results, the economic forecast in this COVID-19 environment is uncertain.

Annual Comparative Results

Statements of income For the year ended March 31, 2021 For the year ended March 31, 2020
($,000’s, except per share, % of average loan receivables)
Average loan receivables for the period 203,647 225,252
Financial revenue 34,818 17.10% 39,374 17.48%
Credit losses 8,989 4.41% 15,893 7.06%
Credit Spread 25,829 12.69% 23,481 10.42%
Financial expenses 9,692 4.76% 11,145 4.95%
Adjusted Net Financial Income before Operating Expenses 16,137 7.93% 12,337 5.47%
Adjusted Operating expenses 11,229 5.52% 11,057 4.92%
Adjusted Net Income (Loss) Before Taxes 4,908 2.41% 1,280 0.55%
Strategic review process 500 0.25% (700) (0.31%)
Decrease (increase) in provision for impairment 1,098 0.54% (4,113) (1.83%)
Net loss (loss) before tax 6,506 3.20% (3,533) (1.59%)
Income tax (expense) recovery (1,716) (0.84)% 651 0.29%
Net income (loss) 4,790 2.36% (2,882) (1.30%)
Weighted average number of outstanding shares 21,646 21,597
Fully diluted basis 21,646 21,597
Adjusted Net Income before Taxes per Common Share – basic $ 0.226 $ 0.059
Diluted $ 0.226   $ 0.059  
Net income (loss) per common share – basic $0.221 $(0.133)
Diluted $0.221   $(0.133)  


Quarterly Comparative Results

Statements of income Current Quarter
3 Months Ended
March 31,
Prior Quarter
3 Months Ended
December 31,
Comparable Quarter
3 Months Ended
March 31,
($,000’s, except per share, % of average loan receivables)
Average loan receivables for the period 194,058 197,611 224,580
Financial revenue 8,240 16.98% 8,584 17.38% 9,744 17.35%
Credit losses 2,250 4.64% 2,145 4.34% 3,465 6.17%
Credit Spread 5,990 12.34% 6,439 13.04% 6,279 11.18%
Financial expenses 2,249 4.64% 2,325 4.71% 2,706 4.82%
Adjusted Net Financial Income before Operating Expenses 3,741 7.70% 4,114 8.33% 3,573 6.36%
Adjusted Operating Expenses 2,666 5.49% 3,403 6.89% 2,913 5.19%
Adjusted Net Income (Loss) before Taxes 1,075 2.21% 711 1.44% 660 1.17%
Strategic review process 0.00% 0.00% (537) (0.96%)
Increase in provision for impairment (182) (0.38%) (503) (1.02%) (3,924) (6.99%)
Net income (loss) before taxes 893 1.83% 208 0.42% (3,801) (6.78%)
Income tax (expense) recovery (193) (0.40%) (31) (0.06%) 771 1.37%
Net income (loss) 700 1.43% 177 0.36% (3,030) (5.41%)
Weighted average number of outstanding shares 21,750 21,612 21,597
Fully diluted basis 21,750 21,612 21,597
Adjusted Net Income before taxes per Common Share basic $0.049 $0.033 $0.031
Diluted $0.049 $0.033 $0.031
Net income (loss) per common share basic $0.032 $0.008 $(0.140)
Diluted $0.032 $0.008 $(0.140)


Rifco, today, filed its annual financial statements and management discussion and analysis for the year ended March 31, 2021. The previously released financial statements and the related management’s discussion and analysis can be viewed at or at

Non-IFRS Measures

Throughout this Press Release, management uses terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Specifically, management presents an Adjusted Net Income measure, along with related Adjusted sub-totals and ratios. These measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. A full description of these measures can be found in the management discussion and analysis that accompany the financial statements for the period ended March 31, 2021.

About Rifco

Rifco National Auto Finance Corporation (“RNAF”), Rifco’s sole, wholly owned, subsidiary operates with a purpose to help its clients obtain a safe and reliable vehicle by providing alternative finance solutions. RNAF currently distributes its alternative finance products indirectly through select automotive dealer partners.

Rifco is built on a foundation of trust, respect, empowerment, accountability and passion which are exhibited by each and every member of the Rifco team, as we collaboratively pursue our collective vision and do so in a manner that is consistent with our purpose.

The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol “RFC”. There are 21.75 million shares (basic) outstanding.

Rifco Inc.
Warren Van Orman
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
Fax: 1-403-314-1132
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit

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Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares




In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.

This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)

Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.

Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”

The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.

Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.

Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.

With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.

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VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award




VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.

The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.

VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.

This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.

The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:

  • Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
  • Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
  • Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
  • Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
  • Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.


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Nagad’s Digital Bank on cards, Sadaf to lead the side




Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.

Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.

The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.

The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.

Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.

“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”

Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.

Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.

“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.

To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.

As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.

SOURCE Nagad Limited

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