29 Sep 25

ICFG Limited - Interim Results

Icfg Limited | ICFG | 31.0 0 0.0% | Mkt Cap: 63.2m

RNS Number : 0916B

ICFG Limited

29 September 2025

ICFG LIMITED

("ICFG" or the "Company")

Interim Results for the six months ended 30 June 2025

ICFG (LON: ICFG) is pleased to announce the Company's unaudited interim results for the six months ended 30 June 2025.

For further information, please contact:

ICFG Limited

Via IFC

Enkhmaral Batkhuyag, Interim CEO

Strand Hanson Limited (Financial Adviser)

Rory Murphy / Abigail Wennington / David Asquith

+44 (0) 207 409 3494

Novum Securities (Broker)

Jon Bellis / Colin Rowbury

+44 (0) 207 399 9400

IFC Advisory Limited (Financial PR and IR)

Tim Metcalfe / Zach Cohen

+44 (0) 203 934 6630

ICFG LIMITED

STATEMENT OF MANAGEMENT'S RESPONSIBILITIES

We confirm that to the best of our knowledge:

·	the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK;
·	the interim management report includes a fair, balanced and understandable review of the information required by:

(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Approved by the Board on 27 September 2025 and signed on its behalf.

NICOLA JANE WALKER

DIRECTOR

CHIEF EXECUTIVE OFFICER'S STATEMENT

I am pleased to present the interim report and unaudited financial statements for ICFG Limited (the "Company") for the six months to 30 June 2025.

REVERSE TAKEOVER OF ICFG PTE. LTD. AND READMISSION TO TRADING ON THE MAIN MARKET OF THE LONDON STOCK EXCHANGE

On 12 February 2025, the Company announced the successful completion of a reverse takeover of ICFG Pte Ltd, an acquisition previously announced on 14 March 2023. ICFG Pte Ltd, with its subsidiaries, is a group of companies with its primary operations in the micro-finance sector, offering loans and investment products to businesses and individuals, primarily in Asia, and has developed technologies, including a mobile application, to sell certain of its product lines.

In the H1 2024 comparative period, the Company was a cash shell with no operations.

OPERATIONS

ICFG Limited, listed on the main market of the London Stock Exchange under the ticker "ICFG," is the holding company of the Group. Through its 80.49% interest in InvesCore NBFI JSC, a leading non-bank financial institution in Mongolia, the Group consolidates a diversified portfolio of subsidiaries across several countries. In Mongolia, the Group owns InvesCore Property LLC (real estate development and management), InvesCore Capital LLC (investment banking and brokerage), AI Lab LLC (fintech and technology development, majority-owned), and Core Development and Engineering LLC (construction and engineering). In the Kyrgyz Republic, it controls Pocket KG LLC (digital lending and payments) and InvesCore CA JSC (microfinance). In Kazakhstan, it operates InvesCore KZ Ltd and InvesCore Finance MFO LLP (microfinance and fintech services), while in Uzbekistan it holds InvesCore UE LLC (investment consulting). Collectively, these businesses extend ICFG's presence across financial services, technology, and property in Mongolia and Central Asia.

In the first half of 2025, ICFG expanded its footprint with new branches in Dornogovi Mongolia and Kyrgyzstan, while its Kazakhstan subsidiary improved market ranking and loan growth. The Group advanced its digital transformation through AI-driven credit scoring, big data analytics, and enhanced customer platforms, alongside a strengthened cybersecurity framework.

Investment in people and culture also remained a priority, with leadership development and staff engagement initiatives reinforcing the Group's values.

In H1 2025, the Company achieved total net operating income of US$25 million, an increase from US$21.9 million in H1 2024. Profit before tax also rose to US$15.3 million, up from US$14.8 million in the same period last year.

As part of the reverse takeover process, ICFG Limited issued 177,840,000 new ordinary shares to the former shareholders of ICFG Pte Ltd at a valuation of GB£0.64 per share. This transaction was recognised as a share-based payment expense totaling US$154.9 million. As a result, our total comprehensive income for the period was significantly reduced.

KEY ACHIEVEMENTS

The first half of 2025 marked several milestones that reflect both operational momentum and growing reputation in the financial services sector.

ICFG Group achieved a landmark milestone by becoming the first Mongolian financial institution listed on the London Stock Exchange. This enhances international visibility and also broadens access to global investors.

ICFG Group's support for small and medium enterprises advanced with the successful completion of the SME Support Program, jointly executed with Rio Tinto, creating greater financing opportunities for Mongolia's business community.

In March 2025, SIBJ Capital acquired Insur LLC, the sole owner of Connect Life LLC. Connect Life LLC will focus on delivering digital-based insurance and pension savings solutions. This strategic investment reflects ICFG Group's commitment to building a presence in the insurance sector, particularly within the InsurTech space, and supports its broader mission to provide accessible financial services through fintech innovation.

In May 2025, InvesCore NBFI secured US$5 million in financing from Triple Jump B.V., a Dutch impact investment manager committed to support inclusive and sustainable development in emerging markets.

In June 2025, InvesCore NBFI was officially recognised as one of Mongolia's "Top 100 Enterprises" by the Government of Mongolia and Mongolian National Chamber of Commerce and Industry for its achievements and contributions to Mongolia's economic and social developments.

In June 2025, InvesCore NBFI successfully secured an additional loan equivalent to US$3 million from the international impact investment Fund EMF Microfinance Fund, AgmvK (EMF). This marks the sixth round of funding from EMF, bringing total financing received from EMF to US$16 million. This milestone reflects the continued confidence of international investors in InvesCore NBFI's growth, market expansion, financial stability, sound corporate governance, and commitment to transparency.

CONVERTIBLE LOAN FACILITY

On 28 January 2025, the Company received £200,000 for the last tranches of The Series C Convertible Loans with an interest rate equating to a fixed amount of five per cent. per annum. In total £1.5m of the Series C Convertible Loan was received by the Company.

On 12 February 2025, the Series C Convertible Loan, in addition to two earlier convertible loans announced in 2023, converted into ordinary shares in ICFG Limited in accordance with the terms of these loans. In total convertible loans of £3.5m plus interest accrued converted into 6,357,116 shares that were issued on completion of the reverse takeover.

On 4 December 2024, the Company announced it had obtained a further unsecured committed facility of up to £2 million via a convertible loan note instrument (the "Series D Convertible Loan"). The Series D Convertible Loan was made available in two tranches over December 2024 and January 2025 an interest rate equating to a fixed amount of ten per cent. per annum. The two tranches (totaling £2,000,000) were received by the Company. The Series D Convertible loan provides the lender the option to convert the loan principle plus interest into ordinary shares of the Company at the readmission price of 64 pence by 31 December 2025 or repayment be made by the Company in cash.

BOARD AND MANAGEMENT CHANGE

Mr. Oliver Stuart Fox resigned as Chief Executive Officer ("CEO") of the Company on 19 August 2025. In addition, Mr. Benjamin Proffitt resigned as Chief Financial Officer ("CFO"), a non-Board role on 19 August 2025. Their resignations followed the successful completion of the reverse takeover.

As the Company enters a new chapter following its reverse takeover, the Board has made interim appointments from within the Group, selecting individuals with a strong understanding of the business. Ms. Enkhmaral Batkhuyag has been appointed interim Chief Executive Officer and will be appointed as Executive Director, subject to customary due diligence. In addition, Ms. Tserennadmid Ganbaatar has been appointed interim Chief Financial Officer of the Company.

FORWARD LOOKING STATEMENT

The Company remains confident in its ability to deliver growth in the second half of the year, supported by a resilient balance sheet, diversified revenue streams, and prudent cost and risk management. While macroeconomic challenges persist, including inflationary pressures, interest rate volatility, and foreign exchange fluctuations, the Company believes its strong capital position and disciplined execution provide a solid foundation to navigate the evolving environment.

The Company's strategic priorities remain consistent, with ongoing investment in digital capabilities, customer service, and operational efficiency aimed at driving sustainable, long-term value creation. Subject to no material changes in market conditions, the Board anticipates the Group's full-year performance to be broadly in line with current management expectations.

On behalf of the Board, I thank the shareholders and advisors of the Company for their continued support.

ENKHMARAL BATKHUYAG

INTERIM CHIEF EXECUTIVE OFFICER

27 September 2025

DIRECTORS REPORT

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the interim report and unaudited financial statements, in accordance with applicable law and regulations. The Directors confirm to the best of their knowledge that:

·	the condensed set of unaudited financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' of UK-adopted International Accounting Standards;
·	this interim report includes a fair review of the information required by DTR 4.2.7R of the FCA's Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial period and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial period;
·	the interim report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties transactions and changes therein); and
·	the condensed set of unaudited financial statements, which has been prepared in accordance with the applicable set of accounting standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss as required by DTR 4.2.10R.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with The Companies (Guernsey) Law, 2008 (as amended). They are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

PRINCIPAL RISKS AND UNCERTAINTIES

The following is a summary of key risks that, alone or in combination with other events or circumstances, the Directors has determined could have a material adverse effect on the Company's business, financial condition, results of operations and prospects. The Company has considered circumstances such as the probability of the risk materialising, the potential impact which the materialisation of the risk could have on the Company's business, financial condition, and prospects, and the attention that management would, on the basis of current expectations, have to devote to these risks if they were to materialise:

·	Slower global economic growth, persistent inflationary pressures, and elevated interest rates continue to create uncertainty in capital markets and weigh on consumer and business confidence. These conditions may reduce demand for the Group's products and services, as both households and businesses may limit spending, borrowing, or investment. Inflationary pressures may also drive up the Group's operating costs, including staff expenses, funding costs, and general administrative overheads, while elevated interest rates could further increase the cost of borrowing and reduce margins. If such conditions persist or worsen, they could materially and adversely affect the Group's revenues, profitability, liquidity position and overall financial performance.
·	Volatility in foreign exchange markets, particularly between the US dollar, British pound and other operational currencies, may adversely affect the Group's financial performance. As the Group generates revenues and incurs costs across multiple jurisdictions, fluctuations in exchange rates may result in mismatches between revenue and cost bases, adversely affecting reported profitability and cash flows. While hedging strategies may be used, they may not fully mitigate these risks, and adverse movements could materially affect the Group's business, results of operations and prospects.
·	The Group faces competition in each business activity and the products and services it offers in microlending and other neo-banking services, investment banking, property management and IT development. Competitors may leverage greater scale, pricing flexibility, brand strength, or more innovative technologies to attract customers, while mergers and acquisitions could further consolidate their market power. If the Group is unable to keep pace with such developments or effectively align its products and services with market needs, its market share, growth, financial condition, and prospects could be materially adversely affected. The Group faces competition in each business activity and the products and services it offers in microlending and other neo-banking services, investment banking, property management and IT development.
·	The Group, particularly through InvesCore NBFI, is exposed to counterparty credit risk, where a failure by counterparties to meet their financial obligations could significantly impact its business, financial condition, and results of operations. Large defaults could hinder the Group's ability to achieve its objectives, and exposure is further constrained by regulatory limits set by the respective authorities, which cap single borrower exposure relative to equity for microfinance entities.

Additional risks and uncertainties not presently known to the Directors, or that the Directors currently consider to be immaterial, may individually or cumulatively also have a material adverse effect on the Company's business, prospects, results of operations, and financial position. If any or a combination of these risks actually occurs, the business, prospects, results of operations and/or financial position of the Company's business could be materially and adversely affected.

We continue to actively monitor these risks and implement appropriate mitigation strategies to protect the Group's financial health and strategic objectives.

GOING CONCERN

The Directors believe that the Company has adequate financial resources to continue its operational existence for at least 12 months from the date of the approval of these financial statements.

Accordingly, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Signed on behalf of the Board by:

NICOLA JANE WALKER

DIRECTOR

27 September 2025

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025

	Note	Consolidated 30 June 2025	Consolidated 30 June 2024
	Note	USD'000 Unaudited	USD'000 Unaudited

Interest income calculated using EIR	5	41,336	29,594
Interest and similar expense	5	(15,042)	(10,688)

Net interest income		26,294	18,906

Fee and commission income		6,111	3,676
Fee and commission expense		(284)	(87)

Net fee and commission income		5,827	3,589

Revenue from contracts with customers		552	2,180
Cost of sales		(148)	(811)
Rental income		468	382

Total revenue from contracts with customers		872	1,751

Net trading Income		443	5
Impairment losses on financial assets	6	(9,514)	(2,776)
Other operating income	7	968	466

Net operating income		24,890	21,941

Employee costs		(5,131)	(3,815)
Depreciation of property, plant and equipment		(406)	(289)
Amortization of right-of-use assets		(218)	(245)
Amortization of intangible assets		(108)	(90)
Other operating expenses		(3,438)	(2,697)
Share Based Payments on Reverse Acquisition	25	(154,891)	-

Profit/(Loss) before tax		(139,302)	14,805

Income tax expense	8	(4,591)	(3,679)

Profit/(Loss) for the period		(143,893)	11,126

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025 (CONTINUED)

	Note	Consolidated 30 June 2025	Consolidated 30 June 2024
	Note	USD'000 Unaudited	USD'000 Unaudited


Profit for the period attributable to:
Owners of the parent company		(146,356)	9,077
Non-controlling interests		2,463	2,049

Other comprehensive income:
Items not to be classified in profit or loss (net of taxes):
- Net change in Fair value of equity investments at FVTOCI		(28)	55

Items that will or may be classified in profit or loss (net of taxes):
- Exchange gain/(loss) arising from translation of foreign operations		603	481

Other comprehensive income/(loss) for the period, net of taxes		575	536

Other comprehensive income/(loss) for the period attributable to:
Owners of the parent company		(617)	521
Non-controlling interests		42	15

Total comprehensive income for the period		(143,318)	11,662

Total comprehensive income attributable to:
Owners of the parent company		(145,823)	9,598
Non-controlling interests		2,505	2,064


Earnings per share (USD per share)	9	(0.90)	1.63

The accompanying notes form an integral part of these financial statements

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

	Note	Consolidated 30 June 2025	Consolidated 31 December 2024
	Note	USD'000 Unaudited	USD'000 Unaudited

Assets
Cash and bank balances	10	25,033	40,376
Bank balances held on behalf of customers		-	117
Loans and advances to customers	11	235,447	214,849
Financial assets at FVTPL	12	1,065	1,147
Financial assets at FVOCI	12	5,991	6,401
Financial assets at amortised cost		163	-
Derivative financial assets		141	-
Other financial assets	13	2,641	1,598
Other non-financial assets		2,560	1,311
Inventories		3,130	3,394
Repossessed collateral		780	691
Assets held for sale		2,228	967
Property, plant and equipment		5,691	5,896
Intangible assets		2,285	1,252
Right-of-use assets		1,007	1,048
Deferred tax assets		103	381
Goodwill		82	85

Total assets		288,347	279,513

Liabilities
Borrowed funds	15	96,559	94,928
Bonds payable	16	41,426	36,634
Private placement of deposits	17	54,623	59,647
Convertible liability		3,727	-
Derivative financial liabilities		-	176
Due to customers		10	452
Other financial liabilities		5,865	4,431
Contract liability		288	133
Lease liabilities		1,040	1,096
Other non-financial liabilities		1,036	1,049
Current tax liabilities		2,545	2,361
Deferred tax liabilities		70	-

Total liabilities		207,189	200,907

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025 (CONTINUED)

	Note	Consolidated 30 June 2025	Consolidated 31 December 2024
	Note	USD'000 Unaudited	USD'000 Unaudited
Equity
Share capital	18	5,145	5,145
Share premium		148,679	-
Merger Reserve		15,331	-
Fair value reserve		1,558	1,313
Retained earnings		(103,669)	55,201
Translation reserve		(11,589)	(6,345)

Total equity attributable to the owners of the parent		55,455	55,314

Non-controlling interests	14	25,703	23,292

Total equity		81,158	78,606

Total liabilities and equity		288,347	279,513

The accompanying notes form an integral part of these financial statements

The financial statements were approved and authorised for issue by the Board of Directors on 27 September 2025 and were signed on its behalf by:

Nicola Jane Walker

Director

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025

	Share capital	Merger reserve	Fair value reserve	Translation reserve	Retained earnings	Total equity attributable to the owners of the parent	Non-controlling interests	Total Equity
	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000

Balance at 31 December 2023	5,145	-	3,213	(6,820)	46,124	47,662	17,818	65,480

Profit for the period	-	-	-	-	9,077	9,077	2,049	11,126
Other comprehensive income	-	-	(1,900)	476	-	(1,424)	15	(1,409)

Total comprehensive income	-	-	(1,900)	476	9,077	7,653	2,064	9,717

Merger	-	-	-	-	-	-	-	-
Addition	-	-	-	-	-	-	3,636	3,636
Dividends paid	-	-	-	-	-	-	(227)	(227)

Total transactions with shareholders	-	-	-	-	-	-	3,409	3,409
Balance at 31 December 2024 (Unaudited)	5,145	-	1,313	(6,344)	55,201	55,315	23,291	78,606

The accompanying notes form an integral part of these financial statements

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025 (CONTINUED)

	Share capital	Share premium	Merger reserve	Fair value reserve	Translation reserve	Retained earnings	Total equity attributable to the owners of the parent	Non-controlling interests	Total Equity
	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000

Balance at 31 December 2024	5,145	-	-	1,313	(6,344)	55,201	55,315	23,291	78,606

Profit for the period	-	-	-	-	-	(146,356)	(146,356)	2,463	(143,893)
Other comprehensive income	-	-	-	(80)	(2,945)	-	(3,025)	42	(2,983)
FX translation	-	-	-	108	(2,300)	(12,694)	(14,885)	792	(14,093)

Total comprehensive income	-	-	-	28	(5,244)	(159,050)	(164,266)	3,297	(160,969)

Merger	-	-	15,331	-	-		15,331	-	15,331
Issued share capital	-	146,209	-	-	-	-	146,209	173	146,382
Addition	-	2,470	-	217	-	179	2,866	(48)	2,818
Dividends paid	-	-	-	-	-	-	-	(1,010)	(1,010)

Total transactions with shareholders	5,145	148,679	15,331	217		179	164,406	(885)	163,521
Balance at 30 June 2025 (Unaudited)	5,145	148,679	15,331	1,558	(11,589)	(103,669)	55,455	25,703	81,158

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025

	Note	Consolidated 30 June 2025	Consolidated 30 June 2024
	Note	USD'000 Unaudited	USD'000 Unaudited

Cash flows from operating activities
Profit for the period		(143,893)	11,126
Adjustments:
Depreciation of property, plant and equipment		406	289
Amortisation of right-of-use assets		218	245
Amortisation of intangibles		107	90
Gain on sales of property, plant and equipment, net		(20)	-
Loss on write-off of property, plant and equipment, net		-	-
Loss on disposal of property, plant and equipment, net		14	-
Gain on sales of repossessed collateral		-	-
Impairment loss/(reversal) on repossessed collateral		(25)	248
Loss on sales of non-current asset held for sale		-	-
Unrealised loss from foreign exchange rate differences		178	(61)
Interest income from non-customer loans	5	-	(294)
Interest Expense	5	15,037	10,688
Dividend income		(55)	(113)
Fair value change of financial instruments at FVTPL		(318)	26
Fair value change of financial instruments at FVTOCI		20	-
Gain on securities trading, net		5	(30)
Loss on disposal of foreclosed properties		(2)	-
Impairment losses on financial instruments	12	9,786	2,528
Income tax expense	8	4,591	3,679
NCI		917	-
Other non-cash items		263	52

		(112,771)	28,473

Changes in operating assets and liabilities:
Cash received from customers for pending allocation of securities		114	-
Increase in loans to customers	11	(38,206)	(28,778)
Due from banks with original maturities of more than 3 months		853	-
Derivatives		-	(83)
Finance lease receivables		-	(2,827)
Other financial assets	13	(4,171)	3,734
Other non-financial assets		(1,542)	(1,324)
Due to customers		(430)	-
Inventories		113	1,057
Repossessed collateral		-	(163)
Liability at FVTPL		-	(1,924)
Other financial liabilities		(422)	1,453
Contract liabilities		164	58
Other non-financial liabilities		257	384

Cash used in operations		(156,041)	60

ICFG LIMITED

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025 (CONTINUED)

	Note	Consolidated 30 June 2025		Consolidated 30 June 2024
	Note	USD'000 Unaudited		USD'000 Unaudited
Income taxes paid	8	(3,935)		(3,211)
Interest received on non-customer loans	5	(172)		207
Interest paid	5	(14,186)		(7,572)

Net cash flows used in operating activities		(174,334)		(10,576)

Cash flows from investing activities

Purchases of property, plant and equipment		(597)	(344)
Sales of property, plant and equipment		103	92
Purchases of intangibles		(1,217)	(60)
Purchases of investments	12	(4,747)	(7,305)
Proceeds from sale of investments	12	4,939	2,142
Proceeds from maturity of investments		-	362
Dividends received		55	113

Net cash flows used in investing activities		(1,464)	(5,000)

Cash flows from financing activities

Issued share capital		154,599	-
Addition to NCI		173	-
Dividend paid to NCI		(1,010)	(227)
Proceeds from drawdown of borrowings	15/23	57,184	84,619
Repayment of principal of borrowings	15/23	(52,038)	(65,080)
Proceeds from private placement of deposit	17	32,248	41,702
Repayment of private placement of deposit	17	(36,097)	(36,424)
Proceeds from issued bonds	16/23	13,401	7,781
Repayment of issued bonds	16/23	(6,833)	(2,942)
Principal lease payment		(211)	(389)

Net cash from financing activities		161,416	29,040

Net increase/(decrease) in cash and cash equivalents		(14,382)	13,524

Cash and cash equivalents at beginning of period		40,376	24,405
Cash acquired on merger		931	-
Exchange movement on cash and cash equivalents		(2,177)	(312)
Cash and cash equivalents at end of period		24,748	37,617

The accompanying notes form an integral part of these financial statements

ICFG LIMITED

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE 6 MONTH PERIOD FROM 1 JANUARY 2025 TO 30 JUNE 2025

1. Reporting entity

Please see the audited historical financial information of the Group for details on the reporting entity and group companies.

2. Basis of preparation

The Interim Condensed Consolidated Financial statements are presented in United States Dollars ("USD" or "US$"). The functional currency of the parent Company (ICFG Limited) is GBP.

This Interim Condensed Consolidated Financial Statements has been prepared in accordance with IAS 34 as issued by the International Accounting Standards Board. They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the consolidated historical financial information for the year ended 31 December 2024.

As at 30 June 2025, the Group's total asset amount was USD ('000) 288,347 and the total liability amount was USD ('000) 207,189. The Group is in a net asset position. The Interim condensed consolidated financial statements have been prepared on a going concern basis which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business.

The directors have determined that it is appropriate to prepare the Interim condensed consolidated financial statements on a going concern basis taking into consideration the financial position of the Group for the period ended 30^th June 2025.

Changes in accounting policies

(a) New standards, interpretations and amendments adopted from 1 January 2025

The following amendments are effective for the period beginning after 1 January 2025:

- Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates)

- IFRS Practice Statement - Management Commentary (Voluntary adoption from 23 June 2025)

These amendments to various IFRS Accounting Standards are mandatorily effective for reporting periods beginning on or after 1 January 2025. The adoption of the above amendments did not have a material impact on the Group.

(b) New standards, interpretations and amendments not yet effective

There are a number of amendments to the standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt earlier.

The following amendments are effective for the period beginning 1 January 2025:

- IFRS 18 - Presentation and Disclosure in Financial Statements

- FRS 19 - Subsidiaries without Public Accountability: Disclosures

- Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments

- Annual Improvements to IFRS - Volume 11

- Contracts Referencing Nature-dependent Electricity

The Group does not anticipate that any other standards issued by the IASB, which are yet to become effective, will have a material impact on the Group.

Please see the audited historical financial information of the Group for further details on the basis of preparation of this interim historical financial information.

3. Critical accounting estimates and judgements

The Group relies on certain estimates and assumptions concerning the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions taken in production of these Interim Condensed Consolidated Financial Statements have been applied consistently with the approach taken for the audited historical financial information of the Group.

Please see the audited historical financial information of the Group for further details on the basis of critical accounting estimates and judgements made in the preparation of this Interim Condensed Consolidated Financial Statements.

4. Accounting policies

Please see the audited historical financial information of the Group for details on the accounting policies applied in the preparation of this Interim Condensed Consolidated Financial.

5. Net interest income

	30 June 2025	30 June 2024
Interest income calculated using the EIR:	USD'000	USD'000
Interest income calculated using the EIR:
Loans and advances to customers	40,728	29,299
Financial investments	446	119
Term deposit at bank	120	141
Current account at bank	42	35

Total interest income	41,336	29,594

Interest and similar expense:
Private placement of trust deposits	(4,646)	(3,695)
Borrowed funds	(6,629)	(4,527)
Issued bonds	(3,579)	(1,938)
Interest expense on financial liabilities at FVTPL	-	(159)
Derivative financial instruments	(53)	(265)
Accretion of interest on lease liabilities	(135)	(103)
Other financing costs	-	(1)

Total interest expense	(15,042)	(10,688)


Net interest income	26,294	18,906

Interest income split by geographical markets is as follows:

	30 June 2025	30 June 2024
By primary geographic markets:	USD'000	USD'000
By primary geographic markets:
Mongolia	38,270	27,900
Other Asian countries	3,066	1,694

Total interest income	41,336	29,594

6. Impairment losses on financial assets

	30 June 2025	30 June 2024
	USD'000	USD'000

Loans and advances to customers	(8,056)	(2,609)
Repayment of written-off loans	272	134
Other financial assets	(1,730)	(301)

Total	(9,514)	(2,776)

7. Other operating income

	30 June 2025	30 June 2024
	USD'000	USD'000

Dividend income	55	113
Reversal of impairment of other real estate	25	-
Gain on sales of property, plant and equipment, net	20	-
Gain on sales of assets held for sale	2	-
Property management income	182	144
Cleaning and maintenance services income	63	44
Other income	621	165

Total other operating income	968	466

8. Income tax

The income tax expense for the periods ended 30 June 2025 and 2024 is:

	30 June 2025	30 June 2024
Income tax expense	USD'000	USD'000

Current tax expense
Current tax on profits for the period	4,244	3,639

Deferred tax expense
Deferred tax charge	347	40

Total income tax	4,591	3,679

A reconciliation of income tax expense applicable to profit before tax for the periods ended 30 June 2025 and 2024 are as follows:

	30 June 2025	30 June 2024
	USD'000	USD'000

Loss before tax	(139,302)	14,805

Income tax expenses at statutory rate of 25% based on net profit before taxation	(34,825)	3,883
Effect of lower tax rate on profit below MNT 6 billion	216	(265)
Effect on expenses that are non-deductible	290	(63)
Different tax rate applied in overseas jurisdiction	(90)	(278)
Effect on income not taxable	-	431
Effect on income subject to flat 5% and 10%	38,991	(29)
Income tax credit	9	-

Tax expense	4,591	3,679

Movements in the income tax payable for the reporting period is as follows:

	30 June 2025	31 Dec 2024
	USD'000	USD'000

Balance at 1 January	2,872	2,904

Balance acquired on merger	-	-
Current tax expense for the period	4,233	3,639
Income taxes paid	(3,935)	(3,211)
Tax reduction	9	-
Foreign exchange on translation	(634)	(460)

Balance at the reporting period	2,545	2,872

During the periods ended June 2025 and 2024, the Group was subject to incremental tax rates on certain bands of profit below the minimum 15% level mandated by the OECD's Pillar Two Model Rules. However, due to the application of higher income tax rates on certain bands of profit within the tax jurisdictions in which the Group operates, the effective rate of tax paid by the Group on its taxable profit exceeds this 15% threshold. As a consequence, the provisions of the OECD Pillar Two Model Rules are not considered to have any impact on the Group's tax exposures.

	As at 1 January 2025	As at 30 June 2025
	USD'000	USD'000
Deferred tax assets/(liabilities)
Revaluation of financial investments measured at FVOCI	(82)	(58)
Fair value change in derivatives	-	32
Timing difference from loan interest	189	210
Lease liabilities	2	2
Cash and cash equivalents	2	2
Other financial assets	45	-
Trade payable	225	(12)
Right of use assets	2	2
Property, plant and equipment	(2)	(2)
Others	-	(134)
FCTR	-	(9)
Gross deferred tax assets	381	103
Gross deferred tax liabilities	-	(70)
Net deferred tax assets	381	33

	As at 1 January 2024	As at 31 December 2024
	USD'000	USD'000
Deferred tax assets/(liabilities)
Revaluation of financial investments measured at FVOCI	24	(82)
Timing difference from loan interest	141	189
Timing difference in revenue recognition	3	-
Lease liabilities	22	2
Cash and cash equivalents	7	2
Other financial assets	-	45
Trade payable	-	225
Amortization of intangible assets	(252)	-
Right of use assets	(17)	2
Property, plant and equipment	-	(2)
FCTR	-	-
Gross deferred tax assets	28	381
Gross deferred tax liabilities	(101)	-
Net deferred tax (liabilities)/assets	(72)	381

9. Earnings per share

(a) Basic

Earnings per share is calculated based on the net loss attributable to shareholders after accounting for the share-based payment expense arising from the reverse acquisition, in accordance with IFRS 2. Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the period.

	30 June 2025	30 June 2024
	USD'000	USD'000
Profit from continuing operations attributable to equity holders of the Group	(143,893)	11,126
Weighted average number of ordinary shares in issue	160,197,580	6,814,384

Basic and fully diluted loss per share from continuing operations - USD	(0.90)	1.63

As at 30 June 2025 and 2024 there were no potentially dilutive instruments in issue for consideration in arriving at the fully diluted loss per share.

10. Cash and bank balances

	30 June 2025	31 December 2024
	USD'000	USD'000

Cash in hand	43	-
Current account at bank	24,551	36,170
Demand deposits	-	-
Term deposits	441	1,427
Accumulated interest receivable	2	24

Total cash and bank balances	25,037	37,621

Less: Allowance for impairment losses	(4)	(4)

Net cash and bank balances	25,033	37,617

Less: Deposit with original maturity more than three months	(289)	-

Cash and cash equivalent	24,744	37,617

Summary of the allowance for impairment losses on cash and cash equivalent balances with other banks is as follows:

	30 June 2025	31 December 2024
	USD'000	USD'000
Current account at bank	(4)	(4)
Deposits at bank	-	-

Total allowance for impairment losses	(4)	(4)

Movement of provision for impairment of other receivables is as follows:

	30 June 2025	31 December 2024
	USD'000	USD'000

Balance at 01 January	(4)	(5)

Net charge/(reversal) for the period	-	1

Balance at reporting period	(4)	(4)

As of 30 June 2025 and 31 December 2024, the Group's cash and cash equivalent balances denominated in various currencies are as follows:

	30 June 2025	31 December 2024
	USD'000	USD'000

Mongolian tugrugs (MNT)	21,114	28,796
Japanese Yen (JPY)	496	787
United States Dollar (USD)	1,215	6,878
Kyrgyzstani Som (KGS)	1,341	399
Kazakhstani Tenge (KZT)	350	440
Uzbekistani Som (UZK)	162	177
Euro (EUR)	299	140
British Pound Sterling (GBP)	32	-
Singapore Dollar (SGD)	24	-

Total	25,033	37,617

11. Loans and advances to customers

Balance of loans and advances - by product type:

	30 June 2025	31 December 2024
	USD'000	USD'000


Consumer loan	12,673	16,524
Digital loan	86,245	72,522
Business loan	60,377	81,336
Vehicle loan*	91,587	54,568
Credit card loan	-	170

Total loans and advances to customers	250,882	225,119

Less: Deferred loan origination fees	(1,319)	(993)
Less: Allowances for loans and advances to customers	(14,116)	(9,277)

Net loans and advances to customers	235,447	214,849

* Investments in finance leases (lease receivables) were reclassified to Loan and advances to customers at the year ended 31 December 2024.

The split of the expected credit loss allowance by the main product type is as follows:

	Consumer loans	Digital	Business loan	Vehicle loan	Credit card loan	Total
	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000
Balance at 1 January 2025	1,112	1,593	5,751	821	-	9,277

Increased during the period	508	4,259	202	1,281	-	6,250
Write-off	-	(1,792)	(867)	(55)	-	(2,714)
Foreign exchange movements	107	522	429	245	-	1,303

Balance at 30 June 2025	1,727	4,582	5,515	2,292	-	14,116

Balance at 1 January 2024	795	1,618	2,316	436	2	5,167

Increased during the period	310	404	3,442	374	(2)	4,528
Write-off	-	-	-	-	-	-
Foreign exchange movements	7	(429)	(7)	11	-	(418)

Balance at 31 December 2024	1,112	1,593	5,751	821	-	9,277

Balance of loans and advances - by stage:

	30 June 2025	31 December 2024
	USD'000	USD'000


Gross carrying amount
Stage 1	203,366	202,635
Stage 2	20,545	10,832
Stage 3	25,652	10,659

	249,563	224,126
Less: Allowance for impairment losses
Stage 1	(1,575)	(673)
Stage 2	(2,368)	(2,291)
Stage 3	(10,173)	(6,313)

	(14,116)	(9,277)

Provision for impairment of loan receivable

The Group applies the IFRS 9 general three-stage approach to measure expected credit losses.

To measure expected credit losses on a collective basis, loan receivables are grouped based on similar credit risk profile and aging.

Movement in the impairment allowance of loan receivables is as follows:

	30 June 2025	31 December 2024
	USD'000	USD'000

At 1 January	(9,277)	(5,167)

Increased during the period	(6,250)	(4,528)
Written off	2,714	-
Foreign exchange movement	(1,303)	418

At Reporting period	(14,116)	(9,277)

Movement between stages of loan receivables is as follows:

	Stage 1	Stage 2	Stage 3	Total
	USD'000	USD'000	USD'000	USD'000
At 1 January 2025	201,962	8,541	4,346	214,849
Issued during the period	192,643	-	-	192,643
Repaid during the period	(150,642)	(1,712)	219	(152,135)
Movement to Stage 1	1,313	(1,066)	(247)	-
Movement to Stage 2	(17,829)	17,981	(152)	-
Movement to Stage 3	(11,492)	(2,721)	14,213	-
Foreign exchange movement	(11,146)	(1,239)	7,275	(5,110)
	204,809	19,784	25,654	250,247
				-
Change in interest receivables	244	889	805	1,938
Fee deferral	(1,213)	(57)	(49)	(1,319)
Impairment allowance	(1,575)	(2,368)	(10,173)	(14,116)
Foreign exchange movement	(474)	(71)	(758)	(1,303)
At 30 June 2025	201,791	18,177	15,479	235,447

	Stage 1	Stage 2	Stage 3	Total
	USD'000	USD'000	USD'000	USD'000
At 1 January 2024	128,744	4,461	4,180	137,385
Issued during the period	302,660	-	-	302,660
Repaid during the period	(207,126)	(2,773)	(3,634)	(213,533)
Movement to Stage 1	706	(539)	(167)	-
Movement to Stage 2	(8,006)	8,074	(68)	-
Movement to Stage 3	(8,383)	(1,065)	9,448	-
Foreign exchange movement	(7,136)	2,324	(1,013)	(5,825)
	201,459	10,482	8,746	220,687

Change in interest receivables	1,556	255	824	2,635
Fee deferral	(953)	(10)	(30)	(993)
Impairment allowance	(673)	(2,291)	(6,313)	(9,277)
Foreign exchange movement	573	105	1,119	1,797
At 31 December 2024	201,962	8,541	4,346	214,849

The Group applies the IFRS 9 general three-stage approach to measure expected credit losses. To measure expected credit losses on a collective basis, loan receivables are grouped based on similar credit risk profile and aging. ECL is estimated by using seven periods of historical data and current period data. The historical probability of default is calculated by considering both actual and forward-looking macroeconomic factors. The Group incorporates factors such as GDP growth, fluctuations in coal and copper prices, and the policy rate of the Central Bank, which are deemed to primarily impact expected credit losses. The carrying value of the loans and advances approximates their fair value.

Movement of expected credit losses movement between stages is as follows:

	Stage 1	Stage 2	Stage 3	Total
	USD'000	USD'000	USD'000	USD'000
Balance at 1 January 2025	673	2,291	6,313	9,277

Issued during the period	2,610	928	6,234	9,772
Repaid during the period	(941)	(1,057)	(1,524)	(3,522)
Movement to Stage 1	348	(70)	(278)	-
Movement to Stage 2	(284)	371	(87)	-
Movement to Stage 3	(1,305)	(166)	1,471	-
Write-off	-	-	(2,714)	(2,714)
Foreign exchange	474	71	758	1,303
Balance at 30 June 2025	1,575	2,368	10,173	14,116

	Stage 1	Stage 2	Stage 3	Total
	USD'000	USD'000	USD'000	USD'000
Balance at 1 January 2024	1,561	382	3,224	5,167

Issued during the period	260	2,117	3,857	6,234
Repaid during the period	(919)	(185)	(602)	(1,706)
Movement to Stage 1	(387)	167	220	-
Movement to Stage 2	53	(223)	170	-
Movement to Stage 3	87	28	(115)	-
Write-off	-	-	-	-
Foreign exchange	18	5	(441)	(418)
Balance at 31 December 2024	673	2,291	6,313	9,277

12. Financial investments

Financial assets at FVOCI:	30 June 2025	31 December 2024
	USD'000	USD'000

Debt instruments
MIK Bond	-	-
Golomt Bond	5,414	5,335
Equity Securities
Listed
Golomt Bank JSC	557	706
Xac Bank JSC	5	342
Khan Bank JSC	15	18

Total	5,991	6,401

FVTOCI debt instruments are held within the business model for the purposes of both collecting contractual cash flows and selling financial assets. Contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at FVTPL:	30 June 2025	31 December 2024
	USD'000	USD'000

Debt instruments
Listed
InvesCore Global Q ETF LLC	16	3
MGMTGE 11.5% bond	-	304
ABS	117	39
GLMTMO 1105/20/27 bond	-	14
Omni 2	112	-

Unlisted
InvesCore A Bond 2.9	-	148
Active Bond 2.2	28	29
Pocket Bond 1.6	-	15
Pocket Bond 1.1	-	6
Unet Bond 1.3	-	1

Equity Securities
Listed stocks
Golomt Bank	-	71
Xac Bank	-	7
QQQ 17JAN25 460P options	-	1
MGL Aqua JSC	483	231
APU	5	6
TDB	50	61
Q Pay	130	64
Private fund units
InvesCore Ri Cycle Private Fund LLC	124	130
Interest Receivables	-	17

Total	1,065	1,147

13. Other financial assets

	30 June 2025	31 December 2024
	USD'000	USD'000

Due from borrowers*	2,678	688
Due from related parties	104	390
Due from employees	84	317
Receivables related to underwriting services	-	-
Other receivables	1,749	544

Total other financial assets	4,615	1,939

Less: Allowance for impairment losses	(1,974)	(341)

Net other financial assets	2,641	1,598

*Receivables from borrowers include direct expenses incurred during the transfer of collateral assets to the Group according to the fiduciary contract, such as legal expenses and taxes related to collateral assets.

Movement in the impairment allowance for these receivables is as follows:

	30 June 2025	31 December 2024
	USD'000	USD'000

As at 1 January	(341)	(206)

Impairment loss for the period	(1,695)	(199)
Write-off during the period	13	64
Foreign exchange translation	44	-

As at reporting period	(1,974)	(341)

14. Non-controlling interests

InvesCore NBFI JSC, a subsidiary 80.69% owned by the Group (2024: 80.82%), AI Lab LLC, a subsidiary 60% owned by the Group (2024: 60%), and InvesCore CA MFC, a subsidiary 70.99% owned by the Group (2024: 59.39%) have significant non-controlling interests (NCI). Summarized financial information for InvesCore NBFI JSC and AI Lab LLC, before intra-group eliminations, is presented below along with the amounts attributable to NCI:

For the period ended	30 June 2025	31 December 2024
	USD'000	USD'000
Statement of Comprehensive income:
Interest income calculated using the EIR	41,319	29,502
Interest and similar expense	(14,986)	(10,551)

Net interest income	26,333	18,951

Fee and commission income	5,507	3,105
Fee and commission expense	(126)	(57)

Net fee and commission income	5,381	3,048

Revenue from contracts with customers	793	499

Total revenue from contracts with customers	793	499

Net trading income	313	-
Impairment losses on financial instruments	(9,786)	(2,780)
Other operating income	457	98

Total operating income	23,491	19,816

Employee costs	(3,567)	(2,818)
Depreciation of property, plant and equipment	(323)	(204)
Amortization of right-of-use assets	(227)	(171)
Amortization of intangible assets	(117)	(94)
Other operating expenses	(2,614)	(2,082)

Profit before tax	16,643	14,447

Tax expense	(4,455)	(3,542)

Profit for the period	12,188	10,905

Profit attributable to NCI	2,463	2,049
Other comprehensive income allocated to NCI	42	15
Total comprehensive income attributable to NCI	2,505	2,064

Dividends paid to NCI	(1,010)	(227)

Statement of cash flows:
Cash flows to operating activities	(19,446)	(11,785)
Cash flows to investing activities	(498)	(5,269)
Cash flows from financing activities	6,575	30,656

Net cash flow	(13,369)	13,602

	30 June 2025	31 December 2024
	USD'000	USD'000

Statement of financial position:
Assets:
Cash and bank balance	24,453	37,127
Loans and advances to customers	235,426	161,921
Other financial assets	2,092	1,659
Other non-financial assets	2,161	985
Repossessed collateral	780	217
Property, plant and equipment	4,042	3,294
Intangible assets	2,564	1,438
Right-of-use assets	1,007	1,459
Deferred tax assets	91	12

Liabilities:
Borrowed funds	95,236	77,944
Bond payables	41,426	24,769
Current tax liabilities	2,452	2,675
Other financial liabilities	57,895	8,128
Contract liabilities	22	169
Other non-financial liabilities	553	1,164
Lease liabilities	1,068	1,187

Accumulated non-controlling interests	25,740	21,090

15. Borrowed funds

	At 30 June 2025		At 31 December 2024
	Book value	Fair value	Book value	Fair value
	USD'000	USD'000	USD'000	USD'000

From banks
- Secured	44,616	43,135	43,358	44,116
- Unsecured	11,826	12,158	13,630	11,317
From financial institutions
- Secured	1,159	1,159	-	-
- Unsecured	36,545	29,566	34,879	37,913
From individuals - unsecured	18	13	19	21
From corporates- unsecured	966	966	1,329	1,329
Accrued interest payable	1,811	1,811	2,091	2,091

	96,941	88,808	95,306	96,787

Less: Deferred fee expense	(382)	(382)	(378)	(378)

Total borrowed fund, net	96,559	88,426	94,928	96,409

The currency profile of the Group's borrowed funds is as follows:

	30 June 2025		31 December 2024
	USD'000		USD'000

MNT	66,036	52,407
USD	21,608		35,976
KGS	7,207		5,862
JPY	-		-
EUR	544		537
SGD	1,164		146

Total	96,559		94,928

		30 June 2025	31 December 2024
		USD'000	USD'000

Golomt Bank JSC	(i)	34,597	27,213
MKK Frontiers LLC	(ii)	2,520	1,933
Bogd Bank JSC	(iii)	1,957	4,098
Trade and Development Bank JSC	(iv)	-	794
Xac Bank JSC	(v)	3,345	5,280
Global gender SF	(vi)	3,577	4,497
Triple Jump B.V. (hedged by MFX)	(vii)	4,995	-
Khan Bank JSC	(viii)	2,790	2,921
ResponsAbility SICAV (MNT)	(ix)	994	1,248
Khuvsgul Geology JSC	(x)	558	780
Individual Kim	(xi)	18	19
Responsibility Global Micro Fund (MNT)	(xii)	994	1,248
Bridge Japan LLC	(xiii)	520	520
European Bank for Reconstruction and Development (EBRD)	(xiv)	2,800	3,874
Asian Development Bank	(xv)	4,916	6,670
EMF Microfinance Fund Agmvk	(xvi)	5,916	7,871
Microfinance Enhancement Facility SA, SICAV-SIF	(xvii)	3,330	3,331
M Bank JSC	(xviii)	837	1,753
Enabling Qapital Ltd.	(xix)	408	716
Bank of Asia CJSC	(xx)	305	417
FinanceCreditBank OJSC	(xxi)	1,223	1,227
Khugjliin Khurdasguur Khujirt Fund	(xxii)	-	29
Arig Bank LLC	(xxiii)	1,395	1,461
Blue Orchard Microfinance Fund	(xxiv)	12,562	12,991
Lendahand	(xxv)	1,250	1,043
Baitushum Bank OJSC	(xxvi)	525	574
OJSC O Bank	(xxvii)	1,640	561
IVCH SG Pte Ltd	(xxviii)	1,159	146
Accrued interest payable		1,810	2,091

Total borrowed fund		96,941	95,306

Less: Deferred fee expense		(382)	(378)

Total borrowed fund, net		96,559	94,928

The Group did not default on principal or interest payments with regard to all liabilities as of 30 June 2025 and 31 December 2024. As of 30 June 2025, the Group is fully compliant with contractual covenants imposed by the lenders.

Fixed rates of interest ranges from 5% to 24% and floating rate of interest range from 10% to 10.3%.

	Lenders	Currency	Principal amount disbursed	Principal amount outstanding	Interest type	Type of loan	Payment
	Lenders	Currency	USD'000	USD'000	Interest type	Type of loan	Payment

(i)	Golomt Bank JSC	MNT	8,371	8,375	Fixed	Secured	Interest and principal are payable on monthly basis.
	Golomt Bank JSC	MNT	20,926	21,045	Fixed	Unsecured	Interest and principal are payable at the end of the term.
	Golomt Bank JSC	USD	173	173	Fixed	Secured	Interest and principal are payable on semi-annual basis.
	Golomt Bank JSC	MNT	7,115	5,042	Fixed	Secured	Interest and principal are payable at the end of the term.
(ii)	MKK Frontiers LLC	MNT	2,401	2,520	Fixed	Secured	Interest and principal are payable on monthly basis.
(iii)	Bogd Bank JSC	MNT	8,785	1,957	Fixed	Unsecured	Interest and principal are payable on monthly basis.
(v)	Xac Bank JSC	MNT	8,820	3,345	Fixed	Secured	Interest and principal are payable on monthly basis.
(vi)	Global gender SF	MNT	4,293	3,577	Floating	Unsecured	To be repaid in 6 equal installments.
(vii)	Triple Jump B.V. (hedged by MFX)	USD	4,995	4,995	Fixed	Unsecured	To be repaid in 6 equal installments.
(viii)	Khan Bank JSC	MNT	17,020	2,790	Fixed	Secured	Interest and principal are payable on monthly basis.
(ix)	Responsibility SICAV-MNT	MNT	1,192	994	Floating	Unsecured	To be repaid in 6 equal installments.
(x)	Khuvsgul Geology JSC	MNT	647	558	Fixed	Unsecured	The next payment is due on 28 Oct 2024.
(xi)	Individual Kim	MNT	18	18	Fixed	Unsecured	Interest and principal are payable at the end of the term.
(xii)	Responsibility Global Micro fund-MNT	MNT	1,192	994	Floating	Unsecured	To be repaid in 6 equal installments.
(xiii)	Bridge Japan LLC	USD	517	520	Fixed	Unsecured	Interest is due annually and principal amount is due at the end of the term.
(xiv)	European Bank for Reconstruction and Development	MNT	2,404	827	Fixed	Unsecured	To be repaid in 6 equal installments.
	European Bank for Reconstruction and Development	MNT	2,359	1,973	Fixed	Unsecured	To be repaid in 6 equal installments.
(xv)	Asian Development Bank	USD	1,998	771	Floating	Unsecured	To be repaid in 6 equal installments.
	Asian Development Bank	USD	3,996	2,081	Fixed	Unsecured	To be repaid in 6 equal installments.
	Asian Development Bank	MNT	3,823	2,064	Fixed	Unsecured	To be repaid in 6 equal installments.
(xvi)	EMF Microfinance Fund Agmvk	USD	5,001	5,916	Fixed	Unsecured	To be repaid in 6 equal installments.
(xvii)	Microfinance Enhancement Facility SA, SICAV-SIF	USD	5,031	3,330	Fixed	Unsecured	Interest amount is payable semiannually on June 30 and December 31 of each year, beginning on June 30, 2024.
(xviii)	M Bank JSC	MNT	3,348	837	Fixed	Secured	Interest and principal are payable on monthly basis.
(xix)	Enabling Qapital Ltd.	KGS	508	408	Fixed	Unsecured	Interest and principal are payable on monthly basis.
(xx)	Bank of Asia CJSC	KGS	676	305	Fixed	Unsecured	Interest and principal are payable at the end of the term.
(xxi)	FinanceCreditBank OJSC	KGS	1,342	1,223	Fixed	Unsecured	Interest and principal are payable at the end of the term.
(xxiii)	Arig Bank LLC	MNT	1,471	1,395	Fixed	Secured	Interest is due monthly and principal amount is due at the end of the term.
(xxiv)	BlueOrchard Microfinance Fund	USD	12,320	12,562	Floating	Unsecured	Interest is due semiannually and principal amount is due per the repayment schedule.
(xxv)	Lendahand	USD	1,862	1,250	Fixed	Unsecured	To be repaid in 6 equal installments.
(xxvi)	Baitushum Bank OJSC	KGS	572	525	Fixed	Secured	Interest and principal are payable on monthly basis.
(xxvii)	OJSC O Bank	KGS	2,858	1,640	Fixed	Secured	Interest and principal are payable on monthly basis.
(xxviii)	IVCH SG PTE Ltd	SGD	1,159	1,159	Fixed	Unsecured	No fixed repayment term. Maturity of facility is 31^st Dec 2025

Please see note 23 for a reconciliation in movements of borrowed funds in the periods.

Please see note 22 for a maturity analysis of borrowed funds at the reporting dates.

16. Bonds payable

	At 30 June 2025		At 31 December 2024
	Book value	Fair value	Book value	Fair value
	USD'000	USD'000	USD'000	USD'000

Type of bond
Listed bonds	2,001	2,001	2,010	2,010
Non-listed bonds	38,890	38,890	34,093	34,093
Accrued interest payable	844	844	803	803

	41,735	41,735	36,906	36,906

Less: Deferred fee expense	(309)	(309)	(272)	(272)

Total bonds payable	41,426	41,426	36,634	36,634

The currency profile of the Group's bonds payable is as follows:

	30 June 2025	31 December 2024
	USD'000	USD'000

MNT	39,425	34,624
KGS	2,001	2,010

Total	41,426	36,634

		30 June 2025	31 December 2024
		USD'000	USD'000
Listed bond issued by InvesCore CA MFC	(i)	2001	2,010
Non-listed bond issued by InvesCore NBFI JSC	(ii)	16,016	12,767
Non-listed bond issued by InvesCore Wallet	(iii)	8,923	6,716
Non-listed bond issued by InvesCore ABS	(iv)	13,951	14,607
Accrued interest payable		844	803

		41,735	36,906
Less: Deferred fee expense		(309)	(272)
Total bonds payable		41,426	36,634

	Bond issue name	Currency	Outstanding balance
			USD'000
(i)	Listed bond issued by InvesCore CA MFC	KGS	2,001
(ii)	Bond-INVC	MNT	1,869
(ii)	Bond-INVD	MNT	3,628
(ii)	Bond-INVE	MNT	10,519
(iii)	IW Bond	MNT	8,923
(iv)	ABS	MNT	13,951
(vii)	Accumulated interest payable		844

All bonds carry a fixed interest rate of interest and range between 17% - 19% per annum and are unsecured.

Please see note 23 for a reconciliation in movements of bonds payable in the period.

17. Private placement of trust deposits

	At 30 June 2025		At 31 December 2024
	Book value	Fair value	Book value	Fair value
	USD'000	USD'000	USD'000	USD'000

Individuals	33,405	33,405	42,655	42,655
Corporates	16,459	16,459	13,303	13,303
Accrued interest payables	4,759	4,759	3,689	3,689

Total private placement of trust deposits	54,623	54,623	59,647	59,647

The currency profile of the Group's private placement of trust deposits is as follows:

	Interest rate	30 June 2025	31 December 2024
	Interest rate	USD'000	USD'000


MNT	10%-22%	52,231	57,526
USD	3%-8.5%	2,254	185
JPY	5%	138	1,936

Total		54,623	59,647

18. Share capital

On 12 February 2025 the Company has entered into the acquisition of the entire issued and paid-up share capital of ICFG Pte Ltd together with its subsidiaries by way of issuing 177,840,000 new Ordinary shares in the Company to the previous shareholders of ICFG Pte Ltd at valuation of 0.64 pence per share.

Also coincident with the allotment of the consideration shares and readmission of the Company to the London Stock Exchange, the Company issued 6,357,116 new Ordinary Shares to the holders of the A, B and C convertible notes in full conversion of amounts due (principal and interest) of USD 4,557,186 as at the 12 February 2025.

The Group's share capital as of 30 June 2025 consists of 203,957,116 common shares and 31 December 2024 consists of 6,814,384 common shares with a par value of GBP 0.59 (USD 0.80) each.

About the Group's shareholders are provided below:

	30 June 2025				31 December 2024
		Number of shares	Ordinary shares	Share Premium		Number of shares	Share capital
			USD'000	USD'000			USD'000

At 1 January*		19,760,000	5,145	2,470		6,814,384	5,145

Capital increase		184,197,116	-	146,209		-	-
merger		-	-	-		-	-

At reporting period		203,957,116	5,145	148,679		6,814,384	5,145

*The opening number of shares as at 1 January 2025 reflects the legal acquirer's share structure following the reverse acquisition completed on 12 February 2025. Comparative figures as at 31 December 2024 reflect the accounting acquirer's share capital prior to the transaction.

19. Related party transactions

(i) Identifying related parties

Transactions and outstanding balances between fully consolidated entities are eliminated. Transactions between ICFG Limited and the Group meet the definition of related party transactions. They are disclosed separately in the Group's consolidated financial statements.

Related party	Country of incorporation	Relationship	Type of main transactions

ICFG LIMITED	Guernsey	Parent company	Borrowed fund

Related parties of the Group that are not its subsidiaries as follows:

- associates (entities that are under the significant influence of the Group; however, there were no associates in both 2025 and 2024);

- joint ventures (entities in which SIBJ Capital LLC shares control with another party; however, there were no joint ventures in both 2025 and 2024);

- key management personnel and directors; and

- entities over which key management personnel and directors or their close family members have solely or jointly a direct or indirect significant influence (collectively referred to as other related parties).

Key management personnel and directors are those people who have authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly. The Group considers the members of the Board of Directors (the BoD) and C-suites of the parent and its subsidiaries to be key management personnel and directors for the purposes of IAS 24.

Other related parties of the Group with which there have been transactions or outstanding balances in the period of report are identified as follows:

Related party	Country of incorporation	Relationship	Transactions
iCore Partners LLC	Mongolia	Key management personnel has joint control over	Loans and advances
InvesCore Leasing LLC	Mongolia		Loans and advances
Abico LLC	Mongolia		Sales and purchases of goods and services
InvesCore Asset Management LLC	Mongolia
Mongolia Talent Network LLC	Mongolia
InvesCore Japan Co., Ltd	Japan
IC Reit LLC	Mongolia
Finberry LLC	Mongolia		Transfers of intangible assets
Amar Daatgal LLC	Mongolia	Key management personnel has control over	Sales and purchases of goods and services
Business Media LLC	Mongolia
Datacom LLC	Mongolia
Mongolia Investment Rating Agency LLC	Mongolia
Corex LLC	Mongolia	Key management personnel is a member of key personnel	Sales and purchases of goods and services

The Group receives management advisory services from its parent, with the associated considerations paid, as disclosed below.

	2025	2024
	USD'000	USD'000
Transactions with the shareholders
Investment received in share capital	-	-

Additionally, the Group provides non-banking services to its subsidiaries, key management personnel and directors, and other related parties, including the provision of loans, accepting trust deposits and purchase of fixed-income securities. Allowances for impairment were recognized in respect of loans to other related parties.

Group companies also provide investment banking services, facility management services, property leasing services, and IT automation services on an intra-group basis and to other related parties. All these transactions are conducted under prevailing market terms, similar to third-party transactions.

ii) Transactions with related parties

As the transactions are not individually material, the amounts included in the Group's consolidated Financial statements, aggregated by category or nature of transactions, for the periods ended 30 June 2025 and 31 December 2024 are as follows:

	Sales to related parties		Purchases from related parties
	2025	2024	2025	2024
	USD'000	USD'000	USD'000	USD'000
Other related parties:
iCore Partners LLC	11	2	-	-
InvesCore Leasing LLC	9	10	-	-
InvesCore Asset Management LLC	-	14	-	-
Mongolia Talent Network LLC	27	44	8	46
IC Reit LLC	8	- -	-	-
Corex LLC	4	9	-	-
Blockchain Solution LLC	7	44	-	-
Land and House LLC	127	367	-	-
MGL AquaJSC	-	210
Directors and key management personnel of the Company	-	-	107	14
Total	193	700	115	60

Total remuneration awarded to key management personnel and directors, as shown below, represents salaries, bonuses, and employer contributions to social and health insurance received during the period, as well as awards made as part of the latest remuneration decisions related to the period. The Group did not award any other long-term benefits or share-based payments.

Figures are provided for the period that individuals met the definition of key management personnel and directors (2025H1: 36), and (2024H1: 42) as outlined below:

	30 June 2025		30 June 2024
	USD'000			USD'000

Short-term benefit:	Key management personnel	Directors	Key management personnel	Directors

Salary and bonuses	546	84	433	184
Employer contribution to social and health insurance	70	11	53	5

	616	95	486	189

iii) Outstanding balances of transactions with other related parties

At 30 June and 31 December, the outstanding balances of transactions with other related parties are follows:

	Notes	30 June 2025	31 December 2024
		USD'000	USD'000

Amount due to related parties

Directors		304	284
Key management personnel		71	66
iCore Partners LLC		2	2
InvesCore Asset Management LLC		-	1
InvesCore Leasing LLC		2	2
IC REIT LLC		-	-
Mongolia Talent Network LLC		3	2
InvesCore Japan Co., Ltd		454	452
Corex LLC		1	1
Blockchain Solution LLC		4	28

Total amount due to related parties		841	838

	Notes	30 June 2025	31 December 2024
		USD'000	USD'000

Amount due from related parties

Key management personnel		25	79
InvesCore Japan Co., Ltd		179	178
ICore Partners LLC		9	3
InvesCore Leasing LLC		-	1
Mongolia Talent Network LLC		11	8
Finberry LLC		9	10
Corex LLC		-	1
Blockchain Solution LLC		-	3
Land and House LLC		179	124
Colo Thinking LLC		-	1

Total receivables due from related parties	19	412	408

20. Financial instruments - Risk management

Risk management

The Group is exposed through its operations to the following financial risks:

a) Credit risk

b) Market risk

i) Interest rate risk

ii) Foreign exchange risk

Other market price risk

c) Liquidity risk

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and procedures for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these Historical Financial Information.

There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and procedures for managing those risks, or the methods used to measure them from previous periods unless otherwise stated in this note.

Principal financial instruments

The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:

- Loans and advances to customers

- Cash and cash equivalents

- Other financial assets

- Private placement of trust deposit

- Other financial liabilities

Financial instruments by category

	Fair value through profit or loss			Amortized cost			Fair value through other comprehensive income
		30 June 2025	31 December 2024		30 June 2025	31 December 2024		30 June 2025	31 December 2024
		USD'000	USD'000		USD'000	USD'000		USD'000	USD'000
Financial assets
Cash and bank balance		-	-		25,033	37,617		-	-
Loans and advances to customers		-	-		235,447	172,211		-	-
Financial assets at FVOCI		-	-		-	-		5,991	6,856
Financial assets at FVTPL		1,065	1,547		-	-		-	-
Financial assets at amortised cost		-	-		163	-		-	-
Derivative financial assets		141	-		-	-		-	-
Other financial assets		-	-		2,641	2,561		-	-

Total financial assets		1,206	1,547		263,284	212,389		5,991	6,856

	Fair value through profit or loss			Amortized cost			Fair value through other comprehensive income
		30 June 2025	31 December 2024		30 June 2025	31 December 2024		30 June 2025	31 December 2024
		USD'000	USD'000		USD'000	USD'000		USD'000	USD'000
Financial liabilities
Borrowed funds		-	-		(96,559)	(79,846)		-	-
Bond payables		-	-		(41,426)	(24,768)		-	-
Private placement of trust deposits		-	-		(54,623)	(48,462)		-	-
Convertible liability		-	-		(3,727)	-		-	-
Derivative financial liabilities		-	-		-	-		-	-
Liability at FVTPL		-	-		-	-		-	-
Other financial liabilities		(304)	-		(5,561)	(9,235)		-	-

Total financial Liabilities		(304)	-		(201,896)	(162,311)		-	-

Net financial assets		902	1,547		61,388	50,078		5,991	6,856

Financial instruments not measured at fair value

Financial instruments not measured at fair value include cash and cash equivalents, loans to customers, other financial assets, borrowings, bonds, convertible debt, trust deposit liabilities, and other financial liabilities.

Due to their short-term nature, the carrying value of cash and cash equivalents, other financial assets, and other payables approximates their fair value.

General objectives, policies and procedures

The Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's credit committee.

The management receives monthly reports from the Group Chief Financial Officer through which it reviews the effectiveness of the procedures put in place and the appropriateness of the objectives and policies it sets. The Group's internal auditors also review the risk management policies and processes and report their findings to the Audit Committee.

The overall objective of the management is to set policies that seek to reduce risk as much as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:

a) Credit risk

Credit risk is defined as the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is primarily exposed to credit risk due to customers potentially being unable to fulfill their obligations under loan agreements, impairment of collateral, and the inability to meet obligations with the collateral.

The Credit Committee manages the Group's credit risk in an integrated manner by regularly discussing and resolving issues. If necessary, these issues are escalated and discussed at Board meetings.

The Group follows the "Risk Management Policy" issued for the Credit Committee in its loan activities. According to the policy, the risk management process consists of five interrelated stages.

1. Risk identification

2. Risk analysis and measurement

3. Risk assessment - Quantitative and qualitative approaches appropriate to the nature of the risk

4. Risk treatment

5. Monitoring and review

The main purpose of credit risk management is to optimize the level of risks and expected returns of loan activities. The Group adheres to the following principles in their credit risk management activities:

1. Accountability

2. Independence

3. Operating within the framework of policies and procedures

4. Providing complete loan documentation

5. Consistency

6. Adherence to limits set and diversification of the loan portfolio

a) Credit risk (continued)

To manage the level of credit risk, the Group sets limits on the amount of risk it is willing to accept for individual borrowers or groups of borrowers. The level of exposure to credit risk is managed through ongoing analysis of borrowers' and potential borrowers' ability to meet interest and principal repayment obligations. Credit limits are adjusted as needed to mitigate risk. Furthermore, exposure to credit risk is managed by securing collateral and obtaining corporate or personal guarantees.

The maximum exposure to credit risk, excluding collateral and other credit enhancements, is as follows:

(In thousands of USD)	30 June 2025 Gross maximum exposure	31 December 2024 Gross maximum exposure

Cash and bank balance	25,037	40,500
Loans and advances to customers	249,563	224,126
Debt instruments at FVOCI	5,414	5,335
Other financial assets	4,615	1,852

Total	284,629	271,813

Other credit enhancements refers to strategies and tools to mitigate risks associated with loan such as collateral, guarantees and insurance. InvesCore NBFI collateralises real states with LTV ratios of up-to 80% and cars with LTV ratios of up-to 70% in keeping with loan procedure regulations. Furthermore, InvesCore NBFI collaborates with the 7 top Mongolian insurance companies (Practical insurance, Mandal insurance, Nomin insurance, Bodi insurance, Khaan insurance, Tenger insurance and Munkh insurance) to insure car purchase loans and investment loans.

Where financial instruments are recorded at fair value, the amounts shown above represent the current credit risk exposure, but they do not reflect the maximum risk exposure that could arise in the future due to changes in their values.

a) Credit risk (continued)

Credit quality analysis

The following table sets out information about the credit quality of financial assets measured at amortized cost based on the Group's internal credit quality grading. Unless specifically indicated, the amounts in the table represent gross carrying amounts for financial assets.

Explanation of the terms 'Stage 1', 'Stage 2' and 'Stage 3' is included in Note 4 (d).

		30 June 2025
(In thousands of USD)	PD range	Stage 1	Stage 2	Stage 3	Total

Performing	0.2 - 3.2%	243,881	-	-	243,881
Past due	5 - 57.7%	-	19,916	-	19,916
Substandard	25 -100%	-	-	9,843	9,843
Doubtful	50 -100%	-	-	7,421	7,421
Loss	100%	-	-	5,756	5,756
Gross amount		243,881	19,916	23,020	286,817
Fee deferral		(1,154)	(83)	(82)	(1,319)
Loss allowance		(3,622)	(2,368)	(10,173)	(16,163)
Net carrying amount		239,105	17,465	12,765	269,335

		31 December 2024
(In thousands of USD)	PD range	Stage 1	Stage 2	Stage 3	Total

Performing	0.02-4.8%	252,259	-	-	252,259
Past due	3-71.3%	-	8,013	-	8,013
Substandard	100%	-	-	3,810	3,810
Doubtful	100%	-	-	5,359	5,359
Loss	100%	-	-	3,595	3,595
Gross amount		252,259	8,013	12,764	273,036
Fee deferral		(918)	(31)	(44)	(993)
Loss allowance		(1,064)	(2,291)	(6,313)	(9,668)
Net carrying amount		250,277	5,691	6,407	262,375

a) Credit risk (continued)

Collateral and other credit enhancements

The Group maintains collateral coverage in order to mitigate credit risk. The following table sets out the principal types of collateral held against different types of financials assets.

Amounts arising from ECL

To mitigate the credit risk associated with financial assets, the Group requires collateral primarily for business and consumer loans. The type of collateral varies depending on the loan product. For business loans, collateral includes both movable and immovable assets. For consumer loans, the underlying assets financed by the loan proceeds are typically used as collateral. For digital loans disbursed through the Pocket platform, the Group relies on the borrower's credit scoring model and does not require collateral.

The details of the fair value of collateral for loans provided to customers by the Group are as follows:

	Over-collateralized assets		Under-collateralized assets
	Carrying value of the assets	Fair value of collateral	Carrying value of the assets	Fair value of collateral
At 30 June 2025
Business loan	54,761	100,815	14,221	320
Consumer loan	10,744	19,601	688	13
Auto loan	89,304	115,744	348	101

Total	154,809	236,160	15,257	434

	Over-collateralized assets		Under-collateralized assets
	Carrying value of the assets	Fair value of collateral	Carrying value of the assets	Fair value of collateral
At 30 June 2024
Business loan	13,255	29,441	7,963	2,745
Consumer loan	21,002	127,898	991	57
Auto loan	33,545	100,115	866	1,193

Total	67,802	257,454	9,820	3,995

The loan collateral must be sufficient to cover the principal, accrued interest, and penalty interest on high-risk loans. The collateral is valued based on its market value and benchmark valuation standards. Management continuously monitors the valuation of the collateral.

Inputs, assumptions and methodology used for estimating impairment

Significant increase in credit risk

When assessing whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers relevant and readily available information without undue cost or effort. This includes both quantitative and qualitative analysis, drawing on the Group's historical experience, expert credit assessments, and forward-looking information.

The Group uses three criteria to determine whether there has been a significant increase in credit risk:

- quantitative test based on movement in probability of default (PD);

- qualitative indicators; and

- a backstop indicator: If a financial asset is more than 30 days past due, or has been restructured, and if both internal and external ratings have decreased by two or more grades, it is assigned to Stage 2. If a financial asset is more than 90 days past due and therefore considered defaulted, it is allocated to Stage 3.

Credit risk grades

The Group allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default.

Each exposure is allocated to a credit risk grade at initial recognition based on available information about the borrower. Exposures are subject to ongoing monitoring, which may result in exposure being moved to a different credit risk grade. The monitoring typically involves use of the following data to determine the impairment of financial asset: the borrower's financial condition, credit usage, contract restructuring, repayment history, income stability, economic trends, and references from law enforcement agencies. Sources of date include:

- Internally collected data on customer behavior, such as credit card usage;

- External data from credit reference agencies;

- Internally collected payment records, detailing overdue status and payment ratios;

- Internally collected data on utilization of the approved credit limit;

- Internally collected record of instances of forbearance requests and approvals;

- Internal research on anticipated changes in economic, business, and financial conditions;

- External data from law enforcement agencies.

Generating the term structure of PD

Determining whether credit risk has increased significantly

The Group assesses whether credit risk has increased significantly since initial recognition at each reporting period. Determining whether an increase in credit risk is significant depends on the characteristics of the financial instrument and the borrower.

Credit risk may also be deemed to have increased significantly since initial recognition based on qualitative factors linked to the Group's credit risk management procedures, which may not be fully captured in the quantitative analysis in a timely manner.

Such qualitative factors are based on the Group's expert judgement and relevant historical experience and are applied to the exposures that meet certain heightened risk criteria, such as placement on a watch list.

As a backstop, the Group considers that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days from the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the borrower. If there is evidence that there is no longer a significant increase in credit risk relative to initial recognition, then the loss allowance on a financial instrument return to being measured as 12-month ECL.

Some qualitative indicators of increased credit risk, such as delinquency or forbearance, may suggest a heightened risk of default that continues even after the indicator itself has ceased to exist. For instance, when the contractual terms of a loan have been modified, evidence that the criteria for recognizing lifetime ECL are no longer met includes a history of up-to-date payment performance in accordance with the modified contractual terms.

The Group monitors the effectiveness of the criteria used to identify significant increases in credit risk through regular reviews to ensure that:

- The criteria are capable of identifying significant increases in credit risk before exposure is in default.

- The criteria do not align solely with the point in time when an asset becomes 30 days past due.

- The average time between the identification of a significant increase in credit risk and default is reasonable.

- Exposures are not generally transferred directly from 12-month ECL measurement to credit-impaired status.

- There is no unwarranted volatility in loss allowance due to transfers between 12-month ECL (Stage 1) and lifetime ECL measurements (Stage 2).

Definition of default

The Group considers a financial asset to be in default when:

- Insolvency: The borrower is considered insolvent for the following reasons:

o Significant financial deterioration

o Having difficulty pay interest or principal payment

o Likelihood of bankruptcy or other financial restructuring

- The asset is past due by more than 90 days.

In assessing whether a borrower is in default, the Group considers indicators based on data developed internally and obtained from external sources:

- Qualitative: e.g., breaches of covenant

- Quantitative: e.g., overdue status and non-payment on another obligation to the Group

Inputs into the assessment of whether a financial instrument is in default, and their significance, may vary over time to reflect changes in circumstances.

Incorporation of forward-looking information

The Group incorporates forward-looking information into both the assessment of whether the credit risk of an instrument has increased significantly since its initial recognition and the measurement of ECL. The key drivers for credit risk include GDP growth, unemployment rates, and interest rates. Due to the short average life of the Group's loan portfolio, the sensitivity to these key drivers is insignificant.

Modified financial assets

The contractual terms of a loan may be modified for various reasons, such as changing market conditions, customer retention efforts, and other factors unrelated to the current or potential credit deterioration of the customer. Exposures with no past due amounts and no restructuring are classified as Stage 1 exposures. Exposures that are past due within 90 days or loans that have been restructured are classified as Stage 2 exposures. Exposures that are past due more than 90 days or that have defaulted are classified as Stage 3 exposures.

Measurement of ECL

The key inputs into the measurement of Expected Credit Losses (ECL) are based on the term structure of the following variables:

- Probability of Default (PD)

- Loss Given Default (LGD)

- Exposure at Default (EAD)

For exposures in Stage 1, the 12-month ECL is calculated by multiplying the 12-month PD by LGD and EAD. Lifetime ECL is calculated similarly but uses the lifetime PD instead of the 12-month PD.

LGD represents the expected loss magnitude in the event of default. LGD models take into consideration the structure of the financial asset, any collateral involved, the seniority of the claim, the industry of the counterparty, and the recovery cost associated with collateral integral to the asset. LGD estimates are adjusted for various economic scenarios and are calculated using a discounted cash flow approach, with the effective interest rate serving as the discount factor.

EAD represents the anticipated exposure in the event of a default. The Group determines EAD based on the current exposure to the counterparty, considering potential changes allowed under the contract and arising from amortization. For a financial asset, EAD is the gross carrying amount at the time of default. For lending commitments, EAD encompasses potential future amounts that may be drawn under the contract, estimated using historical data and forward-looking forecasts. In the case of financial guarantees, EAD equals the exposure under the guarantee at the point when it becomes payable.

As described above, and subject to using a maximum of a 12-month PD for Stage 1 financial assets, the Group measures ECL by considering the risk of default over the maximum contractual period, which includes any borrower's extension options, over which it is exposed to credit risk. This measurement applies even if, for credit risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to demand repayment of an advance or terminate a loan commitment or guarantee.

Credit risk arising on cash at bank deposits

The Group maintains cash at bank in a variety of banks across the portfolio of operations, giving rise to a level of credit risk associated with the credit worthiness of the banks with whom funds are held. As at the reporting date, a total of 97% (2024: 97%) of all funds held were lodged with banks with a credit rating of B2 or above.

a) Market risk

Market risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rate (currency risk) or other market factors (other market price risk)

i) Interest rate risk

The Group defines interest rate risk as potential loss due to a negative impact from adverse changes in interest rates and their implied volatility. The Group's lending, funding and investment activities give rise to interest rate risk. The immediate impact of variation in interest rate is on the Group's net interest income, while a long-term impact is on the Group's net worth as the economic value of the Group's assets, liabilities and off-balance sheet exposures will be affected.

The Group's risk function periodically monitors the compliance against its risk appetite on the Group's interest rate position.

The following table presents the sensitivity analysis demonstrating the potential impact of a reasonable change in interest rates, while holding all other variables constant, on the Group's statement of comprehensive income. The sensitivity analysis measures the effect of assumed changes in interest rates on net interest income for one year, based on the floating rate of financial assets and financial liabilities held as of 30 June 2025 and 31 December 2024.

	Change in interest rate in basis point	Currency	Sensitivity of net interest expense
			USD'000

Borrowed funds	+120	MNT	87
Borrowed funds	+120	USD	267

ii) Foreign currency risk

Foreign currency risk is the risk that the fair value of financial instruments fluctuates as a result of changes in foreign currency rates. This risk arises from foreign currency transactions and recognized assets and liabilities denominated in the foreign currencies. As of 30 June 2025, and 31 December 2024, the Group's net exposure to foreign exchange risk is as follows:

	USD			JPY			Other*			Total
	30 June 2025	31 December 2024	30 June 2025		31 December 2024	30 June 2025		31 December 2024	30 June 2025		31 December 2024
	USD'000	USD'000	USD'000		USD'000	USD'000		USD'000	USD'000		USD'000
Financial assets
Cash and bank balance	1,215	14,053	496		981	2,208		440	3,919		15,474
Loans and advances to customers	788	765	175		235	24,705		-	25,668		1,000
Financial assets at FVOCI	5,414	5,085	-		-	-		-	5,414		5,085
Financial assets at FVTPL	9	335	-		-	-		-	9		335
Derivative financial assets	1,998	4,820	-		2,513	85		-	2,083		7,333
Other financial assets	352	276	-		-	26		60	378		336

Total financial assets	9,776	25,334	671		3,729	27,024		500	37,471		29,563

Financial liability
Borrowed funds	(22,761)	(36,477)	-		-	(7,762)		(537)	(30,523)		(37,014)
Bond	-	-	-		-	(2,070)		-	(2,070)		-
Private placement of trust deposits	(2,393)	(1,017)	(148)		(2,042)	-		-	(2,541)		(3,059)
Other financial liabilities	(454)	(770)	-		-	(5,627)		(464)	(6,081)		(1,234)

Total financial liabilities	(25,608)	(38,264)	(148)		(2,042)	(15,459)		(1,001)	(41,215)		(41,307)

Net exposure to foreign currency	(15,832)	(12,930)	523		1,687	11,565		(501	(3,744)		(11,744)

* Other currencies include the Euro, Singapore Dollar and the British Pound.

ii) Foreign currency risk

The following table presents sensitivities of profit or loss to reasonable possible changes in exchange rates applied as of 30 June 2025 against the functional currency of the Group, with all other variables held constant:

	Impact on profit or loss
		2025	2024
		USD'000	USD'000

USD strengthening by 20% (2022: 20%)		7,077	12,720
USD weakening by 20% (2022: 20%)		(7,077)	(12,720)
JPY strengthening by 20% (2022: 20%)		164	1,154
JPY weakening by 20% (2022: 20%)		(164)	(1,154)
Others strengthening by 20% (2022: 20%)		8,497	300
Others weakening by 20% (2022: 20%)		(8,497)	(300)

c) Liquidity risk

Liquidity risk refers to the risk that the Group may be unable to fulfill its short-term financial obligations as they come due.

The Group's policy is designed to ensure it always has adequate cash on hand to meet its liabilities promptly. To achieve this objective, the Group maintains cash reserves and utilizes agreed-upon facilities, such as overdraft facilities with multiple financial institutions, to cover anticipated needs.

The Group prepares its annual budget by assessing its cash flow requirements. Additionally, the Group conducts monthly liquidity risk assessments, which are presented to the Board of Directors for review and decision-making on further actions to maintain financial stability.

The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:

As at 30 June 2025	Up to 3	Between 3 and 12	Between 1 and 2	Between 2 and 5	Total
As at 30 June 2025	months	months	Years	Years	Total
	USD'000	USD'000	USD'000	USD'000	USD'000
Financial liabilities
Borrowed funds	27,131	33,388	36,592	14,616	111,727
Bond payables	11,677	31,126	1,131	1,621	45,555
Private placement of trust deposits	19,184	36,914	1,148	-	57,246
Other financial liabilities	2,290	751	(251)	(1)	2,789
Lease liabilities	60	148	299	304	811

Total financial liabilities	60,342	102,327	38,919	16,540	218,128

As at 31 December 2024

Financial liabilities
Borrowed funds	23,863	49,119	30,189	13,517	116,688
Bond payables	3,932	28,353	8,384	2,103	42,772
Derivative financial liabilities	17,784	47,001	220	-	65,005
Due to customers	452	-	-	-	452
Other financial liabilities	3,005	1,405	34	-	4,444
Liability at FVTPL	4,391	666	1,332	-	6,389
Lease liabilities	104	339	388	455	1,286
Total financial liabilities	53,531	126,883	40,547	16,075	237,036

d) Disclosure of capital

The Group controls 'adjusted capital', which consists of all components of the equity other than cash flow hedge reserves (e.g. share capital, additional paid-in capital, non-controlling interest, retained earnings and revaluation surplus). The primary objectives of the Group's capital management are:

- Ensure the Group's ability to operate as a going concern, thereby sustaining returns for shareholders and providing benefits to other stakeholders;

- Provide shareholders with appropriate returns by setting prices for products and services based on the level of risk involved.

The Group determines the amount of capital it needs relative to its risk exposure. It actively manages its capital structure and adjusts it in response to changes in economic conditions and the risk profile of its underlying assets. To maintain or modify its capital structure, the Group may adjust dividend payments, conduct share buybacks, issue new shares, or sell assets to reduce debt. These actions are taken to optimize the Group's financial position and align its capital with its risk tolerance and business strategy.

Consistent with the industry, the Group monitors its capital using the debt-to-adjusted capital ratio. This ratio is computed as net debt divided by adjusted capital, defined as follows: Net debt equals total debt (as reported in the statement of financial position) minus cash and cash equivalents.

Due to recent market uncertainty, the Group's strategy is focused on maintaining a robust cash position and achieving a favorable debt-to-adjusted-capital ratio. This strategy aims to ensure access to finance at reasonable costs by sustaining a high credit rating. The debt-to-adjusted-capital ratios as of 30 June 2025 and 31 December 2024 were as follows:

	2025	2024
	USD'000	USD'000

Total liabilities	207,189	200,907
Less: Cash and bank balances	(25,033)	(40,493)
Net liabilities	182,156	160,414
Total equity	55,455	54,854
Gearing ratio (%)	328%	292%

e) Operational risk management

In the operational risk management framework of the Group, operational risk is defined as the potential for loss arising from inadequate or failed internal processes, human errors, system failures, or external events.

All employees are accountable for preventing situations that could lead to operational risk incidents and for promptly reporting any significant operational risk incidents. Roles and responsibilities are allocated based on the Three Lines of Defense as outlined below:

The First Line of Defense, comprising Business Units and supporting units, is responsible for several key tasks within the operational risk management framework: ensuring the implementation and execution of robust, effective, and efficient controls; reporting on the effectiveness of operational risk controls; accepting operational risk based on the approved risk acceptance matrix; and implementing follow-up measures commensurate with the level of operational risk identified.

The Second Line of Defense, represented by the Risk Management Department, holds several responsibilities within the operational risk management framework: reviewing and challenging all process assessments and follow-up measures; monitoring the performance of operational risk metrics; and escalating operational risk matters to the Risk Management Committee for appropriate attention and action.

e) Operational risk management (continued)

The Third Line of Defense, Internal Audit, is tasked with providing assurance on the effectiveness of governance, risk management, and internal controls. This includes assessing how the first and second lines of defense fulfill their risk management and control objectives. The risk appetite statement is reviewed and approved annually by the Board of Directors. Monitoring of risk appetite occurs on a monthly basis, with reports provided to the monthly Risk Management Committee and quarterly to the Board Risk Management Committee.

i) Fraud Risk

Fraud risk is managed through a comprehensive Anti-Fraud Policy and Whistleblowing Policy, forming the cornerstone of a robust framework where the intolerance for fraud is clearly outlined. These policies ensure that all employees grasp the significance of identifying and reporting any fraudulent incidents. By cultivating a culture of vigilance and accountability, every employee is empowered to actively engage in detecting and reporting potential fraud, thereby strengthening the Group's dedication to mitigating fraud risk and upholding the integrity of its operations.

ii) Health and Safety

The Group addresses Occupational Health and Safety (OHS) risks through a comprehensive framework, incorporating established OHS procedures and designating an OHS officer to oversee compliance and safety measures. Regular OHS annual training and awareness programs ensure that all employees are well-versed in safety protocols and best practices. To oversee and mitigate risks, the Group tracks OHS incident metrics monthly, presenting detailed reports to the Risk Management Committee for review and action. Furthermore, the presence of an OHS incident response team ensures prompt and effective responses to any safety incidents, thereby reducing potential risks and fostering a safe working environment.

iii) Product or Service Malfunction and/or Deficiency

The Group effectively manages product and service errors or deficiencies within an operational risk framework, employing a robust system that commences with thorough product development procedures. These procedures require risk assessments prior to product launch to proactively identify and mitigate potential risks. The Group upholds a stringent control environment to ensure continuous oversight and compliance with regulatory standards. Regular risk reporting facilitates timely identification and documentation of any emerging issues, allowing for swift resolution. Moreover, a well-defined customer complaint resolution procedure ensures swift investigation and resolution of any reported deficiencies. Certified by ISO 9001, the Group adheres to international quality management standards, reinforcing its commitment to excellence and continuous improvement. This certification underscores the Group's dedication to maintaining high standards of quality and reliability, thereby safeguarding its reputation and ensuring customer satisfaction.

iv) Business Disruption

The management of business disruptions is facilitated through the implementation of a Business Continuity Plan (BCP), which assures resilience and prompt recovery in unforeseen circumstances. This plan incorporates well-defined risk tolerances related to business disruptions, such as core system uptime ratios and internet service availability, to sustain vital operations. It delineates comprehensive protocols for addressing diverse disruption scenarios, ensuring the uninterrupted continuity of essential functions with minimal disruptions. Routine testing and revisions of the BCP are conducted to ensure its ongoing effectiveness and applicability. Through imposing rigorous standards for system uptime and service reliability, the Group emphasizes the significance of operational continuity.

e) Operational risk management (continued)

v) Legal and Compliance risk

The Group effectively mitigates legal and compliance risks through the collaborative efforts of its Legal Unit and Risk and Compliance units, dedicated to proactively prevent such risks. The Group employs thorough legal assessments and compliance protocols, with the legal team meticulously scrutinizing all operations to ensure conformity with pertinent legal standards. Additionally, the legal team offers timely recommendations to address any identified instances of non-compliance. The Group reinforces compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations through robust policies and procedures, complemented by mandatory annual training for all staff. Through the integration of these strategies, the Group fortifies its defenses against legal and compliance risks, thereby safeguarding its operations and reputation.

vi) Information technology

The Group manages IT risk through a multifaceted approach anchored by adherence to the ISO 27001 standard, renowned for its stringent framework in information security management. An integral part of this strategy involves a dedicated IT team responsible for implementing and upholding these standards, ensuring the establishment of robust security measures for safeguarding sensitive data and systems. This team conducts regular risk assessments, oversees IT infrastructure, and promptly addresses any identified vulnerabilities. Furthermore, the Group enforces stringent access controls, employs data encryption measures, and maintains continuous monitoring to counter cyber threats effectively. Through the utilization of the IT team's expertise and compliance with internationally recognized standards, the Group effectively mitigates IT risks, thereby ensuring the security and integrity of its technological assets.

21. Fair value disclosures

Financial instruments measured at fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the valuation date.

The fair value hierarchy of financial instruments measured at fair value is provided below.

(In thousands of USD)	Level 1	Level 2	Level 3	Total
At 30 June 2025
Financial assets
Financial assets at FVOCI	5,991	-	-	5,991
Financial assets at FVTPL	941	124	-	1,065
Derivative financial assets	-	141	-	141

Financial liabilities
Due to customers	(10)	-	-	(10)

	6,922	265	-	7,187

(In thousands of USD)	Level 1	Level 2	Level 3	Total
At 31 December 2024
Financial assets
Financial assets at FVOCI	1,066	5,335	-	6,401
Financial assets at FVTPL	1,017	130	-	1,147
Derivative financial assets	-	-	-	-

Financial liabilities
Derivative financial liabilities	-	(176)	-	(176)
Financial liability at FVTPL	(318)	-	-	(318)

	1,765	5,289	-	7,054

Description of valuation techniques and inputs used in fair value measurement for Level 1, Level 2 and Level 3:

Financial instruments	Fair value hierarchy	Valuation technique	Inputs	Sensitivity to changes in significant unobservable inputs
Financial assets	Level 1	Market price	Share price, transaction price	Increase in the net assets value will increase the fair value and vice versa
Financial Liabilities Embedded	Level 2	Interest rate parity analysis	Policy rate, bond yield of similar credit	Increase in the JPY bond yield rate and decrease in the MNT interest rate will increase/decrease the fair value and vice-versa
Derivative financial instruments	Level 2	Interest rate parity analysis	Policy rate, Government bond yield, Z-spread, SOFR rates, and SHIBOR rates	Increase in USD interest rate and decrease in the MNT interest rate will increase/decrease the fair value and vice-versa
Debt instruments	Level 3	Market value approach	Rating migration rates of Moody's, historical data from external sources, and future cash flows	Increase in default rate and market rate of interest will decrease the fair value and vice versa
Equity instruments	Level 3	Net assets value	Share price and transaction price	Increase in the net assets value will increase the fair value and vice versa

There were no changes in the valuation approach used during the periods ended 30 June 2024 and 31 December 2023. Additionally, there were no transfers between Levels 1, 2, and 3 of the fair value hierarchy for assets recorded at fair value.

The Group discloses fair values for financial instruments at amortized cost based on the following methodologies and assumptions:

- Loans and advances to customers are valued by first categorizing them into portfolios with similar characteristics. The fair value determination involves adjusting contractual cash flows for ECLs and expectations of customer behavior, which are informed by observed historic data. These adjusted cash flows are then discounted at a weighted average lending rate that is appropriate for each portfolio, resulting in an estimate of their fair value.

- Trust deposits are valued using a replacement cost method, which assumes that if the deposits were to be replaced, it would be done in the most advantageous market available. The fair value calculation involves discounting contractual cash flows using a funding interest rate profile that incorporates credit spreads reflecting the maturity profile of each deposit.

- Debt securities in issue are valued based on quoted market prices where available. When quoted prices are not available, the fair value is determined using a discounted cash flow model. This model uses current market rates applicable to instruments with similar terms and maturity to estimate the present value of future cash flows.

22. Maturity analysis of assets and liabilities

At 30 June 2025	Less than 12 months	More than 12 months	Total
	USD'000	USD'000	USD'000
Assets
Financial Assets
Cash and bank balance	25,033	-	25,033
Bank balances held on behalf of customers	-	-	-
Loans and advances to customers	74,170	161,277	235,447
Financial assets at FVTPL	941	124	1,065
Financial assets at FVOCI	639	5,352	5,991
Financial assets at amortised cost	163	-	163
Derivative financial assets	141	-	141
Other financial assets	2,613	28	2,641
Non-Financial Assets
Other non-financial assets	2,407	154	2,561
Inventories	3,130	-	3,130
Repossessed collateral	-	780	780
Property, plant and equipment	-	5,691	5,691
Intangible assets	-	2,285	2,285
Right-of-use assets	68	939	1,007
Assets held for sale	2,228	-	2,228
Deferred tax assets	-	103	103
Goodwill	-	82	82

Total assets	111,532	176,815	288,347

Liabilities
Financial Liabilities
Borrowed funds	(43,350)	(52,506)	(95,856)
Bond payables	(39,425)	(2,001)	(41,426)
Private placement of trust deposits	(53,576)	(1,047)	(54,623)
Convertible liability	(3,727)		(3,727)
Due to customers	(10)	-	(10)
Other financial liabilities	(6,535)	(33)	(6,568)
Contract liabilities	(288)	-	(288)
Lease liabilities	(401)	(639)	(1,040)
Non-Financial Liabilities
Current tax liabilities	(2,545)	-	(2,545)
Deferred tax liabilities	-	(70)	(70)
Other non-financial liabilities	(1,036)	-	(1,036)

Total liabilities	(150,893)	(56,296)	(207,189)

Net position	(39,361)	120,519	81,158

At 31 December 2024	Less than 12 months	More than 12 months	Total
	USD'000	USD'000	USD'000
Assets
Financial Assets
Cash and bank balance	40,376	-	40,376
Bank balances held on behalf of customers	117	-	117
Loans and advances to customers	61,273	153,576	214,849
Financial assets at FVTPL	1,147	-	1,147
Financial assets at FVOCI	1,379	5,022	6,401
Other financial assets	1,572	26	1,598
Non-Financial Assets
Other non-financial assets	1,311	-	1,311
Inventories	3,394	-	3,394
Repossessed collateral	-	691	691
Property, plant and equipment	-	5,896	5,896
Intangible assets	-	1,252	1,252
Right-of-use assets	-	1,048	1,048
Assets held for sale	967	-	967
Deferred tax assets	-	381	381
Goodwill	-	85	85

Total assets	111,536	167,977	279,513

Liabilities
Financial Liabilities
Borrowed funds	(46,509)	(48,419)	(94,928)
Bond payables	(27,358)	(9,276)	(36,634)
Private placement of trust deposits	(59,461)	(186)	(59,647)
Derivative financial liabilities	-	(176)	(176)
Due to customers	(452)	-	(452)
Other financial liabilities	(4,397)	(34)	(4,431)
Contract liabilities	(133)	-	(133)
Lease liabilities	(87)	(1,009)	(1,096)
Non-Financial Liabilities
Current tax liabilities	(2,361)	-	(2,361)
Other non-financial liabilities	(1,049)	-	(1,049)

Total liabilities	(141,807)	(59,100)	(200,907)

Net position	(30,271)	108,877	78,606

23. Notes supporting cash flow

Reconciliation of financing liabilities with financing activities.

	Borrowed Funds	Bonds Payable	Private placement of deposit	Lease liabilities	Total
	USD'000	USD'000	USD'000	USD'000	USD'000

As at 31 Dec 2024	94,782	36,634	59,647	1,096	192,159

Proceeds	57,004	13,401	32,248	236	102,889
Repayment of principal	(52,866)	(6,833)	(36,097)	(211)	(96,007)
Interest accrued	6,512	3,579	4,646	172	14,909
Interest paid	(7,062)	(3,664)	(3,406)	(172)	(14,304)
Variable lease payment adjustment	-	-	-	(39)	(39)
Foreign exchange	(1,811)	(1,691)	(2,415)	(42)	(5,959)

As at 30 June 2025	96,559	41,426	54,623	1,040	193,648

	Borrowed Funds	Bonds Payable	Private placement of deposit	Lease liabilities	Total
	USD'000	USD'000	USD'000	USD'000	USD'000

As at 31 Dec 2023	59,413	19,651	41,113	1,154	121,331

Proceeds	84,383	7,781	41,702	568	134,434
Repayment of principal	(65,080)	(2,942)	(36,424)	(389)	(104,835)
Interest accrued	3,949	1,940	4,502	-	10,391
Interest paid	(3,335)	(1,880)	(2,796)	103	(7,908)
Variable lease payment adjustment	(241)	-	(28)	(1)	(270)
Foreign exchange	757	218	393	12	1,380

As at 30 June 2024	79,846	24,768	48,462	1,447	154,523

24. Segment information

A) Segment information by business line

The Group comprises multiple strategic business units which offer differing products and services, being Non-banking financial services, Investment banking services and Real estate trading and services. The Group therefore assesses the performance of all activities within these individual strategic business units.

30 June 2025	Non-banking financial activities	Investment banking activities	Trading of real estates	Other	Total
	USD'000	USD'000	USD'000	USD'000	USD'000
Segment results

Interest income calculated using the effective interest rate	41,256	25	9	46	41,336
Interest and similar expense	(14,851)	(30)	(44)	(117)	(15,042)

Net interest income	26,405	(5)	(35)	(71)	26,294

Fee and commission income	5,507	403	201	-	6,111
Fee and commission expense	(111)	(173)	-	-	(284)

Net fee and commission expense	5,396	230	201	-	5,827

Revenue from contracts with customers	-	(9)	231	330	552
Cost of sales	-	-	452	16	468
Rental income	-	-	(148)	-	(148)

Total revenue from contracts with customers	-	(9)	535	346	872

Net trading income	313	130	-	-	443
Impairment losses on financial instruments	(9,514)	-	-	-	(9,514)
Other operating income	138	(4)	778	56	968

Total operating income	22,738	342	1,479	331	24,890

Employee costs	(3,141)	(277)	(685)	(1,028)	(5,131)
Depreciation of property, plant and equipment	(281)	(28)	(39)	(58)	(406)
Amortisation of right of use	(173)	(22)	(23)	-	(218)
Amortisation of intangible assets	(97)	(6)	(2)	(3)	(108)
Other operating expenses	(1,890)	(127)	(657)	(155,655)	(158,329)

Profit/(Loss) before tax	17,156	(118)	73	(156,413)	(139,302)

Income tax expense	(4,428)	(12)	(30)	(121)	(4,591)

Profit/(Loss) for the period	12,728	(130)	43	(156,534)	(143,893)

Profit for the period attributable to:
Owners of the parent	10,228	(130)	43	(156,446)	(146,305)
Non-controlling interest	2,500	-	-	(88)	2,412

Segment assets	275,320	2,021	4,638	6,368	288,347
Segment liabilities	197,554	395	1,529	7,711	207,189

Non-controlling interest	357	(14)	-	27,794	28,137

30 June 2024	Non-banking financial activities	Investment banking activities	Trading of real estates	Other	Total
	USD'000	USD'000	USD'000	USD'000	USD'000
Segment results

Interest income calculated using the effective interest rate	29,464	27	102	1	29,594
Interest and similar expense	(10,384)	(75)	(218)	(11)	(10,688)

Net interest income	19,080	(48)	(116)	(10)	18,906

Fee and commission income	3,105	449	122	-	3,676
Fee and commission expense	(57)	(30)	-	-	(87)

Net fee and commission expense	3,048	419	122	-	3,589

Revenue from contracts with customers	-	-	1,964	216	2,180
Cost of sales	-	-	359	23	382
Rental income	-	-	(811)	-	(811)

Total revenue from contracts with customers	-	-	1,512	239	1,751

Net trading income	-	5	-	-	5
Impairment losses on financial instruments	(2,780)	4	-	-	(2,776)
Other operating income	98	52	196	120	466

Total operating income	19,446	432	1,714	349	21,941

Employee costs	(2,436)	(263)	(399)	(717)	(3,815)
Depreciation of property, plant and equipment	(183)	(28)	(18)	(60)	(289)
Amortisation of right of use	(147)	(18)	(56)	(24)	(245)
Amortisation of intangible assets	(84)	-	(1)	(5)	(90)
Other operating expenses	(1,600)	(130)	(572)	(393)	(2,695)

Profit before tax	14,996	(7)	668	(850)	14,805

Income tax expense	(3,542)	(3)	(75)	(59)	(3,679)

Profit for the period	11,454	(10)	593	(909)	11,126

Profit for the period attributable to:
Owners of the parent	9,279	(10)	593	(782)	9,080
Non-controlling interest	2,175	-	-	(129)	2,046

Segment assets	223,412	2,069	5,555	2,881	233,917
Segment liabilities	163,196	1,385	2,930	460	167,971

Non-controlling interest	398	-	-	20,692	21,090

B) Segment information by geography - Non-banking financial activities

Non-banking financial services within the Group is made up of the core Mongolian market operations and operations in other Central Asian jurisdictions, most notably the Kyrgyz Republic. The segmental information below shows the performance and assets of the non-banking financial services strategic business unit within these two key geographical jurisdictions.

30 June 2025	Non-banking financial activities - Mongolia	Non-banking financial activities - Other Asian Countries	Non-banking financial activities - Total
	USD'000	USD'000	USD'000
Segment results

Interest income calculated using the effective interest rate	38,230	3,051	41,281
Interest and similar expense	(14,124)	(846)	(14,970)

Net interest income	24,106	2,205	26,311

Fee and commission income	5,501	6	5,507
Fee and commission expense	(110)	(15)	(125)

Net fee and commission expense	5,391	(9)	5,382

Revenue from contracts with customers	-	-	-
Cost of sales	-	-	-
Rental income	-	-	-

Total revenue from contracts with customers	-	-	-

Net trading income	263	50	313
Impairment losses on financial instruments	(9,691)	(95)	(9,786)
Other operating income	384	63	447

Total operating income	20,453	2,214	22,667

Employee costs	(2,587)	(554)	(3,141)
Depreciation of property, plant and equipment	(290)	(21)	(311)
Amortisation of right of use	(148)	(46)	(194)
Amortisation of intangible assets	(107)	(8)	(115)
Other operating expenses	(2,229)	(284)	(2,513)

Profit before tax	15,092	1,301	16,393

Income tax expense	(4,385)	(43)	(4,428)

Profit for the period	10,707	1,258	11,965

Profit for the period attributable to:
Owners of the parent	10,707	1,180	11,887
Non-controlling interest	-	78	78

Segment assets	251,903	25,452	277,355
Segment liabilities	188,716	9,603	198,319

Non-controlling interest	-	357	357

30 June 2024	Non-banking financial activities - Mongolia	Non-banking financial activities - Other Asian Countries	Non-banking financial activities - Total
	USD'000	USD'000	USD'000
Segment results

Interest income calculated using the effective interest rate	27,771	1,693	29,464
Interest and similar expense	(9,484)	(900)	(10,384)

Net interest income	18,287	793	19,080

Fee and commission income	3,068	37	3,105
Fee and commission expense	(44)	(13)	(57)

Net fee and commission expense	3,024	24	3,048

Revenue from contracts with customers	-	-	-
Cost of sales	-	-	-
Rental income	-	-	-

Total revenue from contracts with customers	-	-	-

Net trading income	-	-	-
Impairment losses on financial instruments	(2,704)	(76)	(2,780)
Other operating income	(152)	250	98

Total operating income	18,455	991	19,446

Employee costs	(2,131)	(305)	(2,436)
Depreciation of property, plant and equipment	(168)	(15)	(183)
Amortisation of right of use	(136)	(11)	(147)
Amortisation of intangible assets	(80)	(4)	(84)
Other operating expenses	(1,323)	(277)	(1,600)

Profit before tax	14,617	379	14,996

Income tax expense	(3,514)	(28)	(3,542)

Profit for the period	11,103	351	11,454

Profit for the period attributable to:
Owners of the parent	8,996	283	9,279
Non-controlling interest	2,108	67	2,175

Segment assets	209,504	13,908	223,412
Segment liabilities	157,760	5,436	163,196

Non-controlling interest	-	398	398

25. Reverse Takeover

On 12 February 2025, the company acquired the entire issued and paid-up share capital of ICFG Pte Ltd for 177,840,000 firm Consideration Shares at a deemed valuation of USD 0.80 per share (nominal value USD 0.80), valuing the Company at USD 146,209,000.

The acquisition has been treated as a reverse acquisition and hence accounted for in accordance with IFRS 2. Although the transaction resulted in ICFG Pte Ltd becoming a wholly owned subsidiary of the Company, the transaction constitutes a reverse acquisition as the previous shareholders of ICFG Pte Ltd own a substantial majority of the Ordinary Shares of the Company and the executive management of ICFG Pte Ltd became the executive management of ICFG Limited. In substance, the shareholders of ICFG Pte Ltd acquired a controlling interest in the Company and the transaction has therefore been accounted for as a reverse acquisition. The reverse acquisition falls under IFRS 2 rather than IFRS 3 as the activities of ICFG Limited (the 'Legal Parent') do not constitute a business.

The following table summarises the consideration paid for the Legal Parent through the reverse acquisition and the amounts of the assets acquired and liabilities assumed on the acquisition date. The financial comparatives relate to Legal Subsidiary rather than the Legal Parent as the consolidated financial statements represent a continuation of the financial statements of the Legal Subsidiary.

In accordance with IFRS 2, the value of obtaining the listing under a reverse acquisition is calculated on the net assets of the legal parent. The share-based payment of USD 154,891,000 arising from the acquisition is attributable to the value of the parent company being an LSE main market listed entity to the Legal Subsidiary and has been recognised as an expense in the statement of comprehensive income.

Consideration as at 30 July 2025 USD'000

Firm consideration shares (177,840,000 ordinary shares) 141,652

Convertible loan conversion 4,557

Total Consideration 146,209

Fair value of shares acquired in ICFG Pte Ltd 146,209

Net liabilities of ICFG Limited acquired 8,682

Share based payment expense 154,891

26. Subsequent events

Management is not aware of any other events that occurred after the end of the reporting period until the date the Interim Condensed Consolidated Financial Statements were approved for release, which would have any impact on these Interim Condensed Consolidated Financial Statements.

Other than the Board and Management changes noted in the Chief Executive Officer's Statement, the following events took place since 30 June 2025.

ICFG Loan Notes: On 15 September 2025, ICFG raised £330,000 through the issuance of loan notes under an unsecured loan note instrument. The Series A Loan Notes are issued in denominations of £10,000 (or multiples thereof) up to an aggregate maximum of £1 million. They carry a fixed annual interest rate of 10%, with principal and accrued interest repayable 12 months from the date of issue. The Series A Loan Notes have no conversion rights.

Invescore NBFI Financing Facility: Invescore NBFI obtained a financing facility equivalent to US$20 million from FMO Entrepreneurial Development Bank (Netherlands). The senior loan is denominated in MNT, with a five-year term. In accordance with FMO's sustainability mandate, at least 10% of the facility will be allocated to green initiatives as defined by the "FMO Master Green List," while the remaining 90% will be directed to micro and SME sub-loans, particularly targeting underserved agricultural, rural, women-led, and youth-owned businesses, supporting both financial inclusion and climate action objectives.

Connect Life LLC Insurance Licence: On 24 July 2025, Connect Life LLC was granted a specialised life insurance licence by the Financial Regulatory Commission of Mongolia. The licence permits the company to offer a full suite of life insurance and annuity products-including term life, whole life, endowment, pension, and annuity solutions-across Mongolia. Connect Life LLC is wholly owned by Insur LLC, in which SIBJ Capital holds a 51% equity interest.

ICFG LIMITED

OFFICERS AND ADVISORS

Directors

Mr Ankhbold Bayanmunkh, Chairman

Mr Oliver Stuart Fox, Chief Executive Officer, Executive Director (resigned on 19 August 2025)

Mr Hirohito Namiki, Executive Director

Mr Robert George Shepherd, Independent Non-Executive Director

Ms Nicola Jane Walker, Independent Non-Executive Director

Mr Amar Lkhagvasuren, Independent Non-Executive Director

Administrator and Company Secretary

New Street Management Limited Les Echelons Court

Les Echelons, St Peter Port Guernsey GY1 1AR

Registered and Head Office

Les Echelons Court

Les Echelons, St Peter Port Guernsey GY1 1AR

Telephone Number

+44 1481 743030

Financial Adviser

Strand Hanson Limited 26 Mount Row London W1K 3SQ

Broker

Novum Securities Limited 2nd Floor 7,

10 Chandos St, London W1G 9DO

Auditor and Reporting Accountant

PKF Littlejohn LLP 15 Westferry Circus London E14 4HD UK

Counsel to the Company

Carey Olsen (Guernsey) LLP Carey House, Les Banques St. Peter Port

GY1 4BZ Guernsey

Registrars

MUFG Corporate Markets (Guernsey) Limited Mont Crevelt House

Bulwer Avenue St Sampson

Guernsey GY2 4LH

Financial public relations advisers to the Company

IFC Advisory Limited Birchin Court

20 Birchin Lane London EC3V 9DU UK

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Chairman, Executive Director	Mr Ankhbold Bayanmunkh
Chief Executive Officer, Executive Director	Mr Oliver Stuart Fox*
Executive Director	Mr Hirohito Namiki
Non-Executive Director	Mr Robert George Shepherd
Non-Executive Director	Ms Nicola Jane Walker
Non-Executive Director	Mr Amar Lkhagvasuren

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ICFG Limited - Interim Results

STATEMENT OF MANAGEMENT'S RESPONSIBILITIES

COMPANY INFORMATION

CHIEF EXECUTIVE OFFICER'S STATEMENT

DIRECTORS REPORT

UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME

UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME

UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION

UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

1. Reporting entity

2. Basis of preparation

3. Critical accounting estimates and judgements

4. Accounting policies

5. Net interest income

6. Impairment losses on financial assets

7. Other operating income

8. Income tax

9. Earnings per share

10. Cash and bank balances

11. Loans and advances to customers

12. Financial investments

13. Other financial assets

14. Non-controlling interests

15. Borrowed funds

16. Bonds payable

17. Private placement of trust deposits

18. Share capital

19. Related party transactions

20. Financial instruments - Risk management

21. Fair value disclosures

22. Maturity analysis of assets and liabilities

23. Notes supporting cash flow

24. Segment information

Net fee and commission expense

5,396

230

201

-

5,827

25. Reverse Takeover

26. Subsequent events

OFFICERS AND ADVISORS

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