Inbank’s profit in the third quarter of 2018 was 1.5 million euros and in the first nine months of the year 6.3 million euros in total.
By the end of the third quarter, Inbank’s loan portfolio amounted to 199.5 million euros and the deposit portfolio to 187.2 million euros. In a yearly comparison, the loan portfolio grew by 130.9% and the deposit portfolio by 139.1%.
According to Inbank’s Chairman of the Management Board Jan Andresoo, the results were positive in all Inbank’s markets. “In the first nine months of the year, Inbank issued loans in the amount of 142.9 million euros, which was 68.4% more than at the same time last year. The results continued to be strong in Estonia, Latvia and Lithuania, and work in the Poland branch has begun to bring first tangible results,” said Andresoo.
Over the first nine months, the sales volume of credit products in Estonia was 52.5 million euros, in Latvia 29.9 million euros, in Lithuania 54.8 million euros and in Poland 5.7 million euros.
In addition to increased business volumes, the team of Inbank also gained strength in the third quarter. “In August, Ivar Kallast, who has lengthy experience in the field of banking, became Chief Risk Officer of the group-wide risk unit and the fifth member of Inbank’s Management Board. In September, the management of the Estonian business unit was taken over by Margus Kastein, who has twenty years of experience as a senior manager, and our team was also joined by Martina Põldvere, the former long-term HR Manager at Playtech,” said Andresoo.
With the first nine months of the year, Inbank received deposits in the amount of 107.6 million euros: 87.9 million euros from Germany, 13.8 million euros from Estonia and 5.9 million euros from Poland.
Key financial indicators as at 30 September 2018
- Total assets 262.8 million euros
- Loan portfolio 199.5 million euros
- Volume of deposits 187.2 million euros
- Profit 6.3 million euros, Q3 profit 1.5 million euros
- Equity 33.4 million euros
- Net return on equity 30.3%
Condensed consolidated statement of profit and loss and other comprehensive income
| EURt | ||||
| Q3 2018 | 9 months 2018 | Q3 2017 | 9 months 2017 | |
| Interest income | 7 079 | 15 785 | 3 382 | 9 378 |
| Interest expense | -1 151 | -2 549 | -496 | -1 472 |
| Net interest income | 5 928 | 13 236 | 2 886 | 7 906 |
| Fee income | 188 | 523 | 144 | 398 |
| Fee expense | -370 | -720 | -155 | -439 |
| Net fee and commission income | -182 | -197 | -11 | -41 |
| Net gains from financial assets measured at fair value | 0 | 1 204 | 0 | 0 |
| Other operating income | 277 | 452 | 148 | 543 |
| Total net interest, fee and other income | 6 023 | 14 695 | 3 023 | 8 408 |
| Personnel expenses | -1 509 | -4 034 | -1 029 | -2 908 |
| Marketing expenses | -474 | -945 | -192 | -680 |
| Administrative expenses | -800 | -1 832 | -437 | -1 145 |
| Depreciations, amortisation | -124 | -284 | -53 | -157 |
| Total operating expenses | -2 907 | -7 095 | -1 711 | -4 890 |
| Profit before impairment losses on loans | 3 116 | 7 600 | 1 312 | 3 518 |
| Share of profit from associates | 0 | 1 986 | 1 123 | 6 188 |
| Impairment losses on loans and advances | -1 248 | -3 087 | -924 | -2 655 |
| Profit before income tax | 1 868 | 6 499 | 1 511 | 7 051 |
| Income tax | -322 | -274 | 70 | 221 |
| Profit for the period | 1 546 | 6 225 | 1 581 | 7 272 |
| Other comprehensive income/loss | ||||
| Items that may be reclassified subsequently to profit or loss | ||||
| Unrealised foreign exchange gains/losses | -58 | 52 | 19 | 6 |
| Total comprehensive income for the period | 1 488 | 6 277 | 1 600 | 7 278 |
| Profit is attributable to | ||||
| Owners of the parent | 1 541 | 6 214 | 1 553 | 7 271 |
| Non-controlling interest | 4 | 11 | 28 | 1 |
| Profit for the reporting period | 1 545 | 6 225 | 1 581 | 7 272 |
| Total comprehensive income/loss is attributable to | ||||
| Owners of the parent | 1 483 | 6 266 | 1 571 | 7 277 |
| Non-controlling interest | 5 | 11 | 29 | 1 |
| Total comprehensive income for the reporting period | 1 488 | 6 277 | 1 600 | 7 278 |
Condensed consolidated statement of financial position
| EURt | ||
| 30.09.2018 | 31.12.2017 | |
| Assets | ||
| Cash in hand | 4 | 4 |
| Due from central banks, including mandatory reserve | 35 825 | 14 767 |
| Due from credit institutions | 12 934 | 8 530 |
| Financial assets at fair value through profit and loss | 4 600 | 0 |
| Loans and advances to customers | 199 534 | 92 895 |
| Investments in associates | 97 | 7 806 |
| Tangible assets | 526 | 279 |
| Intangible assets | 7 199 | 816 |
| Other financial assets | 61 | 61 |
| Other assets | 1 480 | 459 |
| Deferred tax asset | 571 | 364 |
| Total assets | 262 831 | 125 981 |
| Loan from credit institutions | 16 683 | 0 |
| Customer deposits | 187 209 | 95 056 |
| Other financial liabilities | 7 003 | 1 263 |
| Other liabilities | 2 043 | 1 136 |
| Debt securities issued | 10 017 | 0 |
| Subordinated debt securities | 6 487 | 6 480 |
| Total liabilities | 229 442 | 103 935 |
| Equity | ||
| Share capital | 874 | 782 |
| Share premium | 15 053 | 9 068 |
| Statutory reserve capital | 79 | 79 |
| Other reserves | 1 419 | 1 352 |
| Retained earnings | 15 927 | 10 739 |
| Total equity attributable to the shareholders of parent company | 33 352 | 22 020 |
| Non-controlling interest | 37 | 26 |
| Total equity | 33 389 | 22 046 |
| Total liabilities and equity | 262 831 | 125 981 |
Launched as a bank in 2015, Inbank provides services through its Internet bank and partner network. Inbank operates in the Estonian, Latvian, Lithuanian and Polish consumer financing market. In addition, Inbank raises international deposits from the German and Austrian market.
Further information:
Kristin Pihu
Inbank AS
Head of Marketing and Communication
kristin.pihu@inbank.ee
+372 5348 2436
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