Audited financial results of Inbank AS for 2016
Post# of 301275
Inbank recorded a profit of 2,62 million euros for 2016, which is about three times more than in 2015. Inbank’s shareholders were in favor of the Management Board’s proposal to distribute the profit as follows: 21 thousand euros will be transferred to the statutory reserve capital and 2 626 thousand euros will be transferred to retained profits.
During Inbank’s second operating year, there was growth in the portfolios of all product lines. Inbank grew its deposit portfolio by 117%, i.e. to approximately 64.6 million euros. At the same time, its financing portfolio increased by 86%, reaching 64.8 million euros.
According to Jan Andresoo, Chairman of the Management Board of Inbank, the results indicate that Inbank has chosen a functioning business model for its operations. “Over a short period of time, we have achieved a market share of more than 20 percent in new consumer financing sales in Estonia. It is also remarkable that we have been able to invest in development and enter new markets at the same time as growing our profit,” Andresoo said.
According to Andresoo, last year was an important one for Inbank due to several significant events. “The largest success of the year was the listing of Inbank bonds on the stock exchange, which made us an even more open company. In addition, Inbank started raising deposits from Germany and Austria, and we made preparations for offering our products on the Polish market,” Andresoo said.
Inbank’s Polish branch started its operations on 15 March 2017, offering consumer financing and deposit products. In Poland, Inbank also offers fast loan desicions and one of the best deposit rates on the market.
Launching the activities of Coop Bank also played an important role in Inbank’s operations in 2016. In the first half of 2017, Inbank intends to sell its affiliates Coop Finants AS and Krediidipank Finants AS. Both companies will be merged with Eesti Krediidipank in which Inbank currently has an almost ten percent holding. In medium term perspective, Inbank intends to exit its investment in Coop Bank and to focus its resources to support its expansion.
Inbank's annual report is currently available only in Estonian. The English version will be published on Inbank’s web page www.inbank.ee shortly. In case of any questions, contact Inbank's Marketing and Communication Specialist Kristin Pihu on e-mail kristin.pihu@inbank.ee.
Important financial indicators as at 31 December 2016:
- Balance sheet total 84.9 million euros
- Loan portfolio 64.8 million euros
- Deposits 64.6 million euros
- Net profit of the year 2.62 million euros
- Equity 11.8 million euros
Consolidated statement of comprehensive income
| EUR (thousands) | ||
| 2016 | 2015 | |
| (adjusted) | ||
| Continuing operations | ||
| Interest income | 9,788 | 4,082 |
| Interest expenses | -1,404 | -705 |
| Net interest income | 8,384 | 3,377 |
| Fee and commission income | 599 | 273 |
| Fee and commission expenses | -334 | -246 |
| Net fee and commission income | 265 | 27 |
| Other operating income | 571 | 644 |
| Total income | 9,220 | 4,048 |
| Personnel costs | -2,461 | -1,505 |
| Marketing expenses | -566 | -222 |
| Administrative expenses | -1,014 | -675 |
| Depreciation, amortisation and impairment | -174 | -157 |
| Total operating expenses | -4,215 | -2,559 |
| Operating profit | 5,005 | 1,489 |
| Profit from affiliates | 773 | 365 |
| Profit before loan losses | 5,778 | 1,854 |
| Loan losses | -3,219 | -976 |
| Profit for the period before income tax | 2,559 | 878 |
| Deferred tax | 57 | 71 |
| Net profit for the period | 2,616 | 949 |
| Unrealised exchange differences | 2 | 0 |
| Total comprehensive income for the period | 2,618 | 949 |
| Profit attributable to the parent company | 2,649 | 987 |
| Profit attributable to non-controlling interest | -31 | -38 |
| Total comprehensive income for the period | 2,618 | 949 |
Consolidated financial position
| EUR (thousands) | ||||
| 31.12.2016 | 31.12.2015 | |||
| (adjusted) | ||||
| Assets | ||||
| Cash in hand | 4 | 3 | ||
| Due from the central bank, incl. legal reserve | 14,680 | 499 | ||
| Due from credit institutions | 1,956 | 4,882 | ||
| Loans and receivables | 64,839 | 34,931 | ||
| Investments in affiliates | 1 | 868 | ||
| Tangible assets | 183 | 95 | ||
| Intangible assets | 902 | 760 | ||
| Other assets | 706 | 286 | ||
| Affiliates held for sale | 1,672 | 0 | ||
| Total assets | 84,943 | 42,324 | ||
| Liabilities | ||||
| Loans raised | 0 | 110 | ||
| Deposits | 64,587 | 29,711 | ||
| Debt securities | 0 | 3,114 | ||
| Other liabilities | 2,077 | 1,381 | ||
| Subordinated debt securities | 6,475 | 0 | ||
| Total liabilities | 73,139 | 34,316 | ||
| Equity | ||||
| Share capital | 689 | 569 | ||
| Share premium | 6,361 | 5,393 | ||
| Retained profit/loss | 681 | -279 | ||
| Reserves | 1,387 | 1,360 | ||
| Other reserves | 31 | 0 | ||
| Total comprehensive income for the period | 2,649 | 987 | ||
| Total equity held by shareholders of parent company | 11 798 | 8 030 | ||
| Non-controlling interest | 6 | -22 | ||
| Total equity | 11,804 | 8,008 | ||
| Total liabilities and equity | 84,943 | 42,324 | ||
Having started its operations as a bank in 2015, Inbank offers services via its internet bank and its large partner network. Inbank operates on the Estonian, Latvian and Polish consumer financing markets. In addition, international deposits are raised from the German and Austrian markets. Inbank and its affiliates have about 165 thousand active customer contracts in Estonia.
Kristin Pihu Inbank AS Marketing and Communication Specialist kristin.pihu@inbank.ee +372 5348 2436
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