The consolidated profit of Inbank in Q1 2017 was 640 thousand euros. The deposit portfolio of Inbank grew by 8.2% and the loan portfolio by 7.1% during the quarter. The biggest milestone in Q1 for Inbank was the launch of business operations on the Polish market.
According to the CEO of Inbank Jan Andresoo, launching business operations in Poland was the most important event for the bank in Q1. “Since the middle of March we are offering deposit and credit products via our online bank on a market with 40 million people and great potential. Receiving deposits is our primary focus and the initial results are excellent: we raised approximately 1 million euros in deposits. This confirmed to us that Inbank is welcome in Poland and already a bank that people trust.”
The total amount of deposits received by Inbank in Q1 is 8.2 million euros, which is equal to the result achieved in the same period last year. The deposit portfolio of Inbank grew by 8.2% in Q1. “Our deposit offer is still the best on the market. After the launch of our operations in Poland, we can receive deposits from as many as four markets: Estonia, Germany, Austria and Poland. Diversifying the opportunities of receiving deposits allows us to manage the bank’s financing needs more flexibly,” Andresoo said.
The sales of the credit products of Inbank in Estonia and Latvia totalled 14.1 million euros in Q1. Andresoo said that the results on the Estonian market were better than expected and the results in Latvia met the expectations. “Sales in Latvia were somewhat more modest than the year before, which is what we expected, as we made significant changes in our operational strategy in Q3 last year, and stopped offering financing via brokers,” he added.
The transaction of 30 January, where Inbank and Coop Eesti acquired the majority holding in Eesti Krediidipank, was also concluded in the previous quarter. In the second stage of the transaction Krediidipank will acquire the affiliates of Inbank, Coop Finants AS and Krediidipank Finants AS. Inbank will reinvest the proceeds of the transaction in Krediidipank.
Inbank's interim report is currently available only in Estonian. The English version will be published on Inbank’s web page www.inbank.ee shortly.
Important financial indicators as at 31 March 2017
- Balance sheet total 93.9 million euros
- Loan portfolio 69.4 million euros
- Deposit portfolio 69.9 million euros
- Consolidated profit 0.64 million euros
- Equity 15.2 million euros
Consolidated statement of comprehensive income
| EURt | ||||
| Q1 2017 | 3 months 2017 | Q1 2016 | 3 months 2016 | |
| Continuing operations | ||||
| Interest income | 2 935 | 2935 | 1 816 | 1 816 |
| Interest expenses | -484 | -484 | -258 | -258 |
| Net interest income | 2 451 | 2451 | 1 558 | 1 558 |
| Fee and commission income | 192 | 192 | 120 | 120 |
| Fee and commission expense | -140 | -140 | -72 | -72 |
| Net fee and commission income | 52 | 52 | 48 | 48 |
| Other income related to operations | 149 | 149 | 171 | 171 |
| Total income | 2 652 | 2 652 | 1 777 | 1 777 |
| Personnel costs | -885 | -885 | -500 | -500 |
| Marketing expenses | -108 | -108 | -88 | -88 |
| Administrative expenses | -354 | -354 | -151 | -151 |
| Depreciation, amortisation | -49 | -49 | -44 | -44 |
| Total operating expenses | -1 396 | -1 396 | -783 | -783 |
| Operating profit | 1 256 | 1 256 | 994 | 994 |
| Profit from affiliates | 268 | 268 | 177 | 177 |
| Profit before loan losses | 1 524 | 1 524 | 1 171 | 1 171 |
| Credit losses | -926 | -926 | -459 | -459 |
| Profit before income tax | 598 | 598 | 712 | 712 |
| Deferred income tax | 58 | 58 | 2 | 2 |
| Net income | 656 | 656 | 714 | 714 |
| Unrealised foreign exchange gains/losses | -16 | -16 | 0 | 0 |
| Total comprehensive income | 640 | 640 | 714 | 714 |
| Profit (loss) attributable to the parent company | 652 | 652 | 712 | 712 |
| Profit (loss) attributable to non-controlling interest | -12 | -12 | 2 | 2 |
| Total comprehensive income | 640 | 640 | 714 | 714 |
Consolidated statement of financial position
| EURt | ||
| 31.03.2017 | 31.12.2016 | |
| Assets | ||
| Cash in hand | 4 | 4 |
| Due from central banks, reserve requirement | 13 966 | 14 680 |
| Due from credit institutions | 3 272 | 1 956 |
| Loans and receivables | 69 424 | 64 839 |
| Investments in affiliates | 2 948 | 1 |
| Tangible assets | 203 | 183 |
| Intangible assets | 944 | 902 |
| Other assets | 881 | 706 |
| Assets held for sale | 2 222 | 1 672 |
| Total assets | 93 864 | 84 943 |
| Deposits | 69 871 | 64 587 |
| Other liabilities | 2 274 | 2 077 |
| Subordinated debt securities | 6 475 | 6 475 |
| Total liabilities | 78 620 | 73 139 |
| Equity | ||
| Share capital | 782 | 689 |
| Share premium | 9 068 | 6 361 |
| Retained earnings/accumulated loss | 3 330 | 681 |
| Reserves | 1 387 | 1 387 |
| Other reserves | 31 | 31 |
| Total comprehensive income for reporting period | 652 | 2 649 |
| Total equity attributable to the shareholders of parent company | 15 250 | 11 798 |
| Non-controlling interest | -6 | 6 |
| Total equity | 15 244 | 11 804 |
| Total liabilities and equity | 93 864 | 84 943 |
The reports of Inbank are accessible online at https://www.inbank.ee/en/inside/investor/reports/.
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 and Poland. Inbank also receives international deposits from the German and Austrian markets.
Kristin Pihu
Inbank AS
Marketing and Communication Specialist
kristin.pihu@inbank.ee
+372 5348 2436
