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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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How to identify authenticity in crypto influencer channels




Modern brands stake on influencer marketing, with 76% of users making a purchase after seeing a product on social media.The cryptocurrency industry is no exception to this trend. However, promoting crypto products through influencer marketing can be particularly challenging. Crypto influencers pose a significant risk to a brand’s reputation and ROI due to rampant scams. Approximately 80% of channels provide fake statistics, including followers counts and engagement metrics. Additionally, this niche is characterized by high CPMs, which can increase the risk of financial loss for brands.

In this article Nadia Bubennnikova, Head of agency Famesters, will explore the most important things to look for in crypto channels to find the perfect match for influencer marketing collaborations.



There are several levels related to this point.




Analyze approximately 10 of the channel’s latest videos, looking through the comments to ensure they are not purchased from dubious sources. For example, such comments as “Yes sir, great video!”; “Thanks!”; “Love you man!”; “Quality content”, and others most certainly are bot-generated and should be avoided.

Just to compare: 


Don’t rush to conclude that you’ve discovered the perfect crypto channel just because you’ve come across some logical comments that align with the video’s topic. This may seem controversial, but it’s important to dive deeper. When you encounter a channel with logical comments, ensure that they are unique and not duplicated under the description box. Some creators are smarter than just buying comments from the first link that Google shows you when you search “buy YouTube comments”. They generate topics, provide multiple examples, or upload lists of examples, all produced by AI. You can either manually review the comments or use a script to parse all the YouTube comments into an Excel file. Then, add a formula to highlight any duplicates.


It is also a must to check the names of the profiles that leave the comments: most of the bot-generated comments are easy to track: they will all have the usernames made of random symbols and numbers, random first and last name combinations, “Habibi”, etc. No profile pictures on all comments is also a red flag.




Another important factor to consider when assessing comment authenticity is the posting date. If all the comments were posted on the same day, it’s likely that the traffic was purchased.


2. Average views number per video

This is indeed one of the key metrics to consider when selecting an influencer for collaboration, regardless of the product type. What specific factors should we focus on?

First & foremost: the views dynamics on the channel. The most desirable type of YouTube channel in terms of views is one that maintains stable viewership across all of its videos. This stability serves as proof of an active and loyal audience genuinely interested in the creator’s content, unlike channels where views vary significantly from one video to another.

Many unauthentic crypto channels not only buy YouTube comments but also invest in increasing video views to create the impression of stability. So, what exactly should we look at in terms of views? Firstly, calculate the average number of views based on the ten latest videos. Then, compare this figure to the views of the most recent videos posted within the past week. If you notice that these new videos have nearly the same number of views as those posted a month or two ago, it’s a clear red flag. Typically, a YouTube channel experiences lower views on new videos, with the number increasing organically each day as the audience engages with the content. If you see a video posted just three days ago already garnering 30k views, matching the total views of older videos, it’s a sign of fraudulent traffic purchased to create the illusion of view stability.



3. Influencer’s channel statistics

The primary statistics of interest are region and demographic split, and sometimes the device types of the viewers.


When reviewing the shared statistics, the first step is to request a video screencast instead of a simple screenshot. This is because it takes more time to organically edit a video than a screenshot, making it harder to manipulate the statistics. If the creator refuses, step two (if only screenshots are provided) is to download them and check the file’s properties on your computer. Look for details such as whether it was created with Adobe Photoshop or the color profile, typically Adobe RGB, to determine if the screenshot has been edited.


After confirming the authenticity of the stats screenshot, it’s crucial to analyze the data. For instance, if you’re examining a channel conducted in Spanish with all videos filmed in the same language, it would raise concerns to find a significant audience from countries like India or Turkey. This discrepancy, where the audience doesn’t align with regions known for speaking the language, is a red flag.

If we’re considering an English-language crypto channel, it typically suggests an international audience, as English’s global use for quality educational content on niche topics like crypto. However, certain considerations apply. For instance, if an English-speaking channel shows a significant percentage of Polish viewers (15% to 30%) without any mention of the Polish language, it could indicate fake followers and views. However, if the channel’s creator is Polish, occasionally posts videos in Polish alongside English, and receives Polish comments, it’s important not to rush to conclusions.


Example of statistics


Wrapping up

These are the main factors to consider when selecting an influencer to promote your crypto product. Once you’ve launched the campaign, there are also some markers to show which creators did bring the authentic traffic and which used some tools to create the illusion of an active and engaged audience. While this may seem obvious, it’s still worth mentioning. After the video is posted, allow 5-7 days for it to accumulate a basic number of views, then check performance metrics such as views, clicks, click-through rate (CTR), signups, and conversion rate (CR) from clicks to signups.

If you overlooked some red flags when selecting crypto channels for your launch, you might find the following outcomes: channels with high views numbers and high CTRs, demonstrating the real interest of the audience, yet with remarkably low conversion rates. In the worst-case scenario, you might witness thousands of clicks resulting in zero to just a few signups. While this might suggest technical issues in other industries, in crypto campaigns it indicates that the creator engaged in the campaign not only bought fake views and comments but also link clicks. And this happens more often than you may realize.

Summing up, choosing the right crypto creator to promote your product is indeed a tricky job that requires a lot of resources to be put into the search process. 

Author Nadia Bubennikova, Head of agency  at Famesters



Nadia Bubennikova, Head of agency at Famesters

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Central banks and the FinTech sector unite to change global payments space





The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).


At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

The post Central banks and the FinTech sector unite to change global payments space appeared first on HIPTHER Alerts.

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TD Bank inks multi-year strategic partnership with Google Cloud





TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.


TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.


The post TD Bank inks multi-year strategic partnership with Google Cloud appeared first on HIPTHER Alerts.

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