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Inbank Unaudited Financial Results for Q1 2022

·5-min read
Inbank
Inbank

In Q1 2022 Inbank earned a net profit of 2.9 million euros. The quarterly profit grew by 15% compared to a year ago and return on equity was 14.8%.

  • Inbank’s loan portfolio increased by 48% compared to Q1 2021 reaching 640 million euros.

  • The deposit portfolio grew by 50% and reached 677 million euros by the end of Q1.

  • Total sales for Q1 was 125 million euros increasing 29% year-on-year.

  • In terms of product segments, sales finance grew 22% year-on-year to 86 million euros, amounting to 68% of total sales. Personal loans increased by 70% to 15 million euros, while car financing increased in sales volume by 38% to 23 million euros.

  • By the end of Q1, Inbank had 804,000 active contracts and over 4,700 active merchant partners.

Priit Põldoja, Chairman of the Management Board, comments on the results:

‘While the first quarter of the year started strongly for Inbank, the situation changed overnight when Russia launched the war against Ukraine on 24 February.

In the first weeks of the war, consumer behaviour changed drastically, and this had an impact on Inbank’s first-quarter sales results. By the end of March, the situation stabilised and total sales for the quarter amounted to 125 million euros, which is 29% more than a year ago.

All in all, the first quarter of 2022 was once again full of challenges, which the external environment has presented to us since the beginning of the health crisis. However, with our flexible structure and focus on partners and customers, Inbank has been able to respond promptly to all changes. As the war in Ukraine continues, it is expected that higher inflation will change the interest rate environment, to which the bank must respond. Although the payment behaviour of customers has remained sound, the effects of the war are expected to affect credit quality in the second half of the year, which is why we increased our provisions for credit risk in the first quarter. Inbank’s focus in the coming quarters will be on providing high-quality services to our partners, maintaining profitability and successfully entering the Czech market.’

Key financial indicators 31.03.2022

Total assets EUR 846 million
Loan portfolio EUR 640 million
Deposit portfolio EUR 677 million
Total equity EUR 82.1 million
Net profit EUR 2.94 million
Return on equity 14.8%

Consolidated income statement (in thousands of euros)

Q1 2022

Q1 2021

3 months 2022

3 months 2021

Interest income based on EIR

13 821

11 116

13 821

11 116

Interest expense

-2 947

-2 143

-2 947

-2 143

Net interest income

10 874

8 973

10 874

8 973

Fee income

705

449

705

449

Fee expense

-802

-789

-802

-789

Net fee and commission income

-97

-340

-97

-340

Net gains from financial assets measured at fair value

-184

0

-184

0

Foreign exchange rate gains/losses

-27

60

-27

60

Net gains/losses from financial items

-211

60

-211

60

Other operating income

5 659

3 522

5 659

3 522

Other operating expense

-3 794

-2 721

-3 794

-2 721

Total net interest, fee and other income

12 431

9 494

12 431

9 494

Personnel expenses

-3 289

-2 751

-3 289

-2 751

Marketing expenses

-563

-543

-563

-543

Administrative expenses

-1 851

-1 114

-1 851

-1 114

Depreciations, amortisation

-1 009

-740

-1 009

-740

Total operating expenses

-6 712

-5 148

-6 712

-5 148

Profit before profit from associates and impairment losses on loans

5 719

4 346

5 719

4 346

Share of profit from subsidiaries and associates

-58

336

-58

336

Impairment losses on loans and advances

-2 573

-1 805

-2 573

-1 805

Profit before income tax

3 088

2 877

3 088

2 877

Income tax

-147

-331

-147

-331

Profit for the period

2 941

2 546

2 941

2 546

Other comprehensive income that may be reclassified subsequently to profit or loss

0

0

0

0

Currency translation differences

96

-126

96

-126

Total comprehensive income for the period

3 037

2 420

3 037

2 420


Consolidated statement of financial position (in thousands of euros)

31.03.2022

31.03.2021

Assets

Due from central banks

89 709

50 349

Due from credit institutions

17 565

19 185

Investments in debt securities

8 425

15 205

Loans and advances

639 653

432 672

Investments in associates

716

4 238

Tangible assets

25 982

7 837

Right of use asset

25 943

29 809

Intangible assets

23 224

17 247

Other financial assets

3 207

1 231

Other assets

4 653

2 334

Deferred tax asset

2 601

2 250

Assets held for sale

4 203

0

Total assets

845 881

582 357

Liabilities

Customer deposits

676 918

452 592

Other financial liabilities

46 203

40 816

Current tax liability

167

1 096

Deferred tax liability

89

0

Other liabilities

3 173

3 343

Debt securities issued

0

0

Subordinated debt securities

37 041

17 573

Total liabilities

763 591

515 420

Equity

Share capital

997

961

Share premium

30 436

23 865

Statutory reserve capital

100

96

Other reserves

1 773

1 364

Retained earnings

48 800

37 252

Total equity

82 106

63 538

Total liabilities and equity

845 697

578 958


Inbank is a consumer finance focused digital bank active in the Baltics, Poland, and Czechia with additional deposits accepted in Germany, Austria, the Netherlands and Finland. Inbank has over 4,700 active partners and 804,000 active contracts. Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.

Additional information:

Merit Arva
Inbank AS
Head of Communications
merit.arva@inbank.ee
+372 553 3550



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