In Q2 2021 Inbank earned a consolidated net profit of 1.8 million euros, increasing 225% year-on-year. The 2021 half-year net profit was 4.4 million euros, which is 59% more than the year before. The return on equity in Q2 was 10,9%.
- Inbank’s loan portfolio increased by 41% compared to Q2 2020 reaching 492 million euros. The deposit portfolio grew 30% and reached 521 million euros by the end of Q2.
- Total sales for Q2 was 125 million euros increasing 116% year-on-year. Growth was once again driven by the Polish business unit that contributed 58 million euros to total sales, 260% more than a year ago.
- In terms of product segments, sales finance grew 119% year-on-year to 89 million euros, amounting to 71% of total sales. Personal loans increased by 230% to 15 million euros, while car financing increased in sales volume by 69% to 22 million euros.
- By the end of Q2, the number of active contracts reached 737,000 growing 18% year-on-year.
Priit Põldoja, Chairman of the Management Board, comments on the results:
„In the second quarter of this year, Inbank sold credit products for a record 125 million euros which is more than in the first half of last year combined. Sales growth was once again driven by the Polish business unit, which already accounted for more than half of total sales.
In terms of products, sales financing continued to grow the fastest, with sales volumes reaching 89 million euros in the second quarter. It was also good to see sales of loan products recovering, which reached the levels shown before the corona crisis for the first time.
However, in order to grow further, we need to look beyond our traditional home market in the Baltics. Strong growth in Poland shows that Inbank has what it takes to do well in larger and more competitive markets. At the same time, the competition is more intense in new markets which has resulted in lower margins and they have not been fully compensated by rapid growth.“
Key financial indicators 30.06.2021
Total assets EUR 653.8 million
Loan portfolio EUR 492.2 million
Deposit portfolio EUR 520.9 million
Total equity EUR 65.8 million
Net profit EUR 4.35 million
Return on equity 10.9%
| Consolidated income statement (in thousands of euros) | ||||
| Q2 2021 | Q2 2020 | 6 months 2021 | 6 months 2020 | |
| Interest income based on EIR | 11 473 | 10 393 | 22 589 | 21 280 |
| Interest expense | -2 264 | -2 005 | -4 407 | -3 941 |
| Net interest income | 9 209 | 8 388 | 18 182 | 17 339 |
| Fee income | 486 | 263 | 935 | 557 |
| Fee expense | -783 | -512 | -1 572 | -1 002 |
| Net fee and commission income | -297 | -249 | -637 | -445 |
| Other operating income | 5 031 | 222 | 8 553 | 362 |
| Other operating expense | -3 592 | 0 | -6 313 | 0 |
| Total net interest, fee and other income | 10 351 | 8 361 | 19 785 | 17 256 |
| Personnel expenses | -2 832 | -2 457 | -5 583 | -4 856 |
| Marketing expenses | -657 | -193 | -1 200 | -700 |
| Administrative expenses | -1 888 | -1 052 | -2 942 | -2 099 |
| Depreciations, amortisation | -805 | -542 | -1 545 | -1 021 |
| Total operating expenses | -6 182 | -4 244 | -11 270 | -8 676 |
| Profit before profit from associates and impairment losses on loans | 4 169 | 4 117 | 8 515 | 8 580 |
| Share of profit from subsidiaries and associates | -79 | 176 | 257 | 592 |
| Impairment losses on loans and advances | -1 941 | -3 740 | -3 746 | -6 159 |
| Profit before income tax | 2 149 | 553 | 5 026 | 3 013 |
| Income tax | -344 | 3 | -675 | -276 |
| Profit for the period | 1 805 | 556 | 4 351 | 2 737 |
| Other comprehensive income that may be reclassified subsequently to profit or loss | ||||
| Currency translation differences | 185 | 40 | 59 | -76 |
| Total comprehensive income for the period | 1 990 | 596 | 4 410 | 2 661 |
| Consolidated statement of financial position (in thousands of euros) | ||
| 30/06/2021 | 31/12/2020 | |
| Assets | ||
| Due from central banks | 64 123 | 27 445 |
| Due from credit institutions | 18 881 | 19 784 |
| Investments in debt securities | 6 194 | 13 618 |
| Loans and advances | 492 211 | 402 212 |
| Investments in associates | 4 429 | 4 026 |
| Tangible assets | 12 563 | 833 |
| Right of use asset | 27 385 | 1 157 |
| Intangible assets | 21 043 | 16 139 |
| Other financial assets | 1 388 | 1 350 |
| Other assets | 3 326 | 1 297 |
| Deferred tax asset | 2 258 | 2 170 |
| Total assets | 653 801 | 490 031 |
| Liabilities | ||
| Customer deposits | 520 907 | 391 341 |
| Other financial liabilities | 45 027 | 12 218 |
| Current Income tax liability | 637 | 864 |
| Other liabilities | 3 891 | 2 810 |
| Debt securities issued | 0 | 4 010 |
| Subordinated debt securities | 17 582 | 17 563 |
| Total liabilities | 588 044 | 428 806 |
| Equity | ||
| Share capital | 961 | 961 |
| Share premium | 23 865 | 23 865 |
| Statutory reserve capital | 96 | 90 |
| Other reserves | 1 619 | 1 438 |
| Retained earnings | 39 216 | 34 871 |
| Non-controlling interest | 0 | 0 |
| Total equity | 65 757 | 61 225 |
| Total liabilities and equity | 653 801 | 490 031 |
Inbank is a consumer finance focused digital bank active in the Baltics and Poland with additional deposits accepted in Germany, Austria, the Netherlands and Finland. Inbank has over 4,300 active partners and 737,000 active contracts. Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.
Additional information:
Merit Arva
Inbank AS
Head of Corporate Communications
merit.arva@inbank.ee
+372 553 3550
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