Inbank Unaudited Financial Results for Q1 2021
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In Q1 2021 Inbank earned a net profit of 2.55 million euros increasing 17% year-on-year. For the first time, the bank is consolidating its 53% stake in Mobire AS, which was acquired in January 2021. The return on equity in Q1 was 15.5%.
- Inbank’s loan portfolio increased by 25% compared to Q1 2020 reaching 433 million euros. The deposit portfolio grew 22% and reached 453 million euros by the end of Q1.
- Total sales for Q1 was 97 million euros increasing 49% year-on-year. Growth was driven by the Polish business unit that contributed 43 million euros to total sales, 258% more than a year ago.
- In terms of product segments, sales finance grew 97% year-on-year to 71 million euros, amounting to 73% of total sales. Personal loans decreased by 37% to 9 million euros, while car financing increased in sales volume by 15% to 17 million euros.
- For the first time, the Polish business unit reached quarterly profitability.
- By the end of Q1, the number of active contracts reached 718,000 growing 18% year-on-year.
Priit Põldoja, Chairman of the Management Board, comments on the results:
“While in March 2020 as a result of Covid-19 pandemic, Inbank’s sales fell by half, then March this year was Inbank’s best sales month ever. Since the second half of 2020, our growth has been driven by the Polish business unit, and this continued also in the first quarter, as the Polish unit more than tripled its volume and contributed 43 million euros to total sales.
It is gratifying to see that Inbank has successfully consolidated its position in partner-based channels – we sold 71 million euros worth of hire purchase contracts, which is almost twice as much as last year. However, the crisis and continuing uncertainty have clearly left their mark on consumer confidence, and the volume of small loans has not reached the level of the first quarter last year.
We have good reason to be satisfied with the financial results for the beginning of the year. In the first quarter, Inbank sold 97 million euros worth of credit products, which is 49% more than last year. For the first time since the onset of the coronavirus crisis, Inbank's profits have again begun to accelerate and we earned a total of 2.55 million euros in net profit, which is 17% more than a year ago.
As the economy opens, we expect strong growth in retail consumption and a recovery in loan demand in the coming quarters."
Key financial indicators 31.03.2021
Total assets EUR 582.4 million
Loan portfolio EUR 432.7 million
Deposit portfolio EUR 452.6 million
Total equity EUR 66.9 million
Net profit EUR 2.55 million
Return on equity 15.5%
|Consolidated income statement (in thousands of euros)|
|3 months |
|3 months |
|Interest income based on EIR||11 116||10 887||11 116||10 887|
|Interest expense||-2 143||-1 936||-2 143||-1 936|
|Net interest income||8 973||8 951||8 973||8 951|
|Net fee and commission income||-340||-196||-340||-196|
|Net gains from financial assets measured at fair value||0||0||0|
|Other operating income||3 522||140||3 522||140|
|Other operating expense||-2 721||0||-2 721||0|
|Total net interest, fee and other income||9 434||8 895||9 434||8 895|
|Personnel expenses||-2 751||-2 399||-2 751||-2 399|
|Administrative expenses||-1 054||-1 047||-1 054||-1 047|
|Total operating expenses||-5 088||-4 432||-5 088||-4 432|
|Profit before profit from associates and impairment losses on loans||4 346||4 463||4 346||4 463|
|Share of profit from subsidiaries and associates||336||416||336||416|
|Impairment losses on loans and advances||-1 805||-2 419||-1 805||-2 419|
|Profit before income tax||2 877||2 460||2 877||2 460|
|Profit for the period||2 546||2 181||2 546||2 181|
|incl. shareholders of parent company||2 387||2 181||2 387||2 181|
|incl. non-controlling interest||159||0||159||0|
|Other comprehensive income that may be reclassified subsequently to profit or loss|
|Currency translation differences||-126||-116||-126||-116|
|Total comprehensive income for the period||2 420||2 065||2 420||2 065|
|incl. shareholders of parent company||2 261||2 065||2 261||2 065|
|incl. non-controlling interest||159||0||159||0|
|Consolidated statement of financial position (in thousands of euros)|
|Due from central banks||50 349||27 445|
|Due from credit institutions||19 185||19 784|
|Investments in debt securities||15 205||13 618|
|Loans and advances||432 672||402 212|
|Investments in associates||4 238||4 026|
|Tangible assets||7 837||833|
|Right of use asset||29 809||1 157|
|Intangible assets||17 247||16 139|
|Other financial assets||1 231||1 350|
|Other assets||2 334||1 297|
|Deferred tax asset||2 250||2 170|
|Total assets||582 357||490 031|
|Customer deposits||452 592||391 341|
|Other financial liabilities||40 816||12 218|
|Current Income tax liability||1 096||864|
|Other liabilities||3 343||2 810|
|Debt securities issued||0||4 010|
|Subordinated debt securities||17 573||17 563|
|Total liabilities||515 420||428 806|
|Share premium||23 865||23 865|
|Statutory reserve capital||96||90|
|Other reserves||1 364||1 438|
|Retained earnings||37 252||34 871|
|Non-controlling interest||3 399||0|
|Total equity||66 937||61 225|
|Total liabilities and equity||582 357||490 031|
Inbank is a consumer finance focused digital bank active in the Baltics and Poland with additional deposits accepted in Germany, Austria and the Netherlands. Inbank has over 4,000 active partners and 718,000 active contracts. Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.
Head of Corporate Communications
+372 553 3550
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