In the first quarter, Inbank’s credit product sale volumes amounted to 18.9 million euros and the consolidated profit of the company was 3.9 million euros.
In the first quarter of the year, Inbank sold credit products in the amount of 18.9 million euros, which is 34.2% more than in the first quarter of the previous year. Estonian sales amounted to 14.5 million euros, Latvian sales to 2.9 million euros and Polish sales to 1.5 million euros, respectively. Inbank raised 13.1 million euros worth of deposits in the first three months of the year.
According to Jan Andresoo, Chairman of the Management Board of Inbank, both credit and deposit product lines showed equally good growth. In yearly comparison, Inbank's loan portfolio increased by 41.2% and the deposit portfolio by 45.1%, while the raised deposits reached the amount of 100 million euros," Andresoo said.
In the first quarter, Inbank earned a profit of 3.9 million euros. Of the earned profit, 3.2 million euros was an extraordinary profit resulting from the sale of 10% of Coop Pank’s shareholding and the revaluation of the remaining investment. The funds earned from the transaction were used to purchase shares of the Lithuanian hire-purchase company UAB Mokilizingas.
In Estonia, Inbank renewed its cooperation agreement with auto24.ee car sales portal. “In the course of joint discussions, we mapped new and interesting financing solutions and we are hoping to use them to surprise the market very soon,” Andresoo said.
Inbank’s Polish branch entered into cooperation agreements with two new partners, AXA and Allianz insurance companies. “The nature of the cooperation is the solution of the distribution of insurance contracts into instalments, which is an innovative product on the Polish market. We will be able to make conclusions in the near future as to how successful this convenience service has turned out to be,” Andresoo said.
Inbank’s Latvian company showed stable growth and good profitability in the first quarter. During the first three months of the year, the Latvian business earned a profit of 154 thousand euros.
Key financial indicators as at 31 March 201 8
- Total assets 135 million euros
- Loan portfolio 98.1 million euros
- Deposits volume 101 million euros
- Net profit 3.9 million euros
- Equity 24.9 million euros
- Net return on equity 67.5%
Condensed consolidated statement of financial position
| EURt | ||
| 31.03.2018 | 31.12.2017 | |
| Assets | ||
| Cash in hand | 4 | 4 |
| Due from central banks, including mandatory reserve | 21 934 | 14 767 |
| Due from credit institutions | 8 145 | 8 530 |
| Financial assets at fair value through profit and loss | 4 600 | 0 |
| Loans and advances to customers | 98 059 | 92 895 |
| Investments in associates | 1 | 7 806 |
| Tangible assets | 345 | 279 |
| Intangible assets | 857 | 816 |
| Other financial assets | 60 | 61 |
| Other assets | 175 | 459 |
| Deferred tax asset | 749 | 364 |
| Total assets | 134 929 | 125 981 |
| Customer deposits | 101 372 | 95 056 |
| Other financial liabilities | 1 159 | 1 263 |
| Other liabilities | 980 | 1 136 |
| Subordinated debt securities | 6 485 | 6 480 |
| Total liabilities | 109 996 | 103 935 |
| Equity | ||
| Share capital | 782 | 782 |
| Share premium | 9 068 | 9 068 |
| Statutory reserve capital | 79 | 79 |
| Other reserves | 1 377 | 1 352 |
| Retained earnings | 13 598 | 10 739 |
| Total equity attributable to the shareholders of parent company | 24 904 | 22 020 |
| Non-controlling interest | 29 | 26 |
| Total equity | 24 933 | 22 046 |
| Total liabilities and equity | 134 929 | 125 981 |
Condensed consolidated statement of profit and loss and other comprehensive income
| EURt | ||||
| Q1 2018 | 3 months 2018 | Q1 2017 | 3 months 2017 | |
| Interest income | 3 797 | 3 797 | 2 935 | 2 935 |
| Interest expense | -571 | -571 | -484 | -484 |
| Net interest income | 3 226 | 3 226 | 2 451 | 2 451 |
| Fee income | 161 | 161 | 125 | 125 |
| Fee expense | -154 | -154 | -140 | -140 |
| Net fee and commission income | 7 | 7 | -15 | -15 |
| Net gains from financial assets measured at fair value | 1 204 | 1 204 | 0 | 0 |
| Other operating income | 84 | 84 | 216 | 216 |
| Total net interest, fee and other income | 4 521 | 4 521 | 2 652 | 2 652 |
| Personnel expenses | -1 211 | -1 211 | -885 | -885 |
| Marketing expenses | -126 | -126 | -108 | -108 |
| Administrative expenses | -466 | -466 | -354 | -354 |
| Depreciations, amortisation | -67 | -67 | -49 | -49 |
| Total operating expenses | -1 870 | -1 870 | -1 396 | -1 396 |
| Profit before impairment losses on loans | 2 651 | 2 651 | 1 256 | 1 256 |
| Share of profit from associates | 1 986 | 1 986 | 268 | 268 |
| Impairment losses on loans and advances | -852 | -852 | -926 | -926 |
| Profit before income tax | 3 785 | 3 785 | 598 | 598 |
| Income tax | 103 | 103 | 58 | 58 |
| Profit for the period | 3 888 | 3 888 | 656 | 656 |
| Other comprehensive income/loss | ||||
| Items that may be reclassified subsequently to profit or loss | ||||
| Unrealised foreign exchange gains/losses | 20 | 20 | -16 | -16 |
| Total comprehensive income for the period | 3 908 | 3 908 | 640 | 640 |
| Profit is attributable to | ||||
| Owners of the parent | 3 885 | 3 885 | 668 | 668 |
| Non-controlling interest | 3 | 3 | -12 | -12 |
| Profit for the reporting period | 3 888 | 3 888 | 656 | 656 |
| Total comprehensive income/loss is attributable to | ||||
| Owners of the parent | 3 905 | 3 905 | 652 | 652 |
| Non-controlling interest | 3 | 3 | -12 | -12 |
| Total comprehensive income for the reporting period | 3 908 | 3 908 | 640 | 640 |
Inbank, which started operating as a bank in 2015, offers services via its internet bank and a partner network. Inbank operates on the consumer financing markets of Estonia, Latvia, Lithuania and Poland. Inbank also receives international deposits from the German and Austrian markets.
Additional information Jan Andresoo Inbank AS Chairman of the Management Board jan.andresoo@inbank.ee +372 508 4184
