Published: 2021-03-09 07:00:00 CET
Annual Financial Report

Inbank Audited Financial Results for 2020

In 2020 Inbank earned a net profit of 5.9 million euros, which is 41% less than the previous year. Inbank’s loan portfolio increased by 19% compared to 2019 reaching 402 million euros. At the same time, the deposit portfolio grew 4%, reaching 391 million euros at year-end. The annual return on equity was 10.8%.

  • Annual sales volume in 2020 was 300 million euros; that is, a 4% increase year-on-year. In all markets, the sales finance business grew by 38% to 206 million euros. At the same time, the sales volume of personal loans decreased by 51% to 36 million euros, while car financing decreased in sales volume by 11% to 58 million euros.
  • Provisions for loan losses increased by 91% year-on-year to 11.5 million euros.
  • By the end of 2020, the number of active contracts reached 690,000 growing 25% year-on-year. The number of active partners grew 31% and reached 3,800 at year-end.

Jan Andresoo, Chairman of the Management Board, comments on the results:

‘Undoubtedly, 2020 was a difficult year, and the coronavirus crisis also put Inbank to the test. Nevertheless, we can be satisfied with the results.

The fact that we were able to increase sales by 4% in this difficult year is a good message in itself. The sales financing continued to grow, and green financing emerged strongly as a new segment. We also launched a new generation credit card and app as well as expanded our pay later product range.

In total, our loan portfolio grew by 19%, with a significant contribution from the Polish business unit, whose portfolio grew by 128% or 50 million euros year-on-year. I consider 2020 to be a breakthrough year for the Polish unit, and it seems we have finally found the right strategy and our niche: we are competing in the market there with our products and innovation.

We ended the year with a decent profit of 5.9 million euros, despite the additional provisions we made to cover future loan losses due to the coronavirus crisis.

In addition, the share issue at the end of the year gave us clear feedback that Inbank's business model and team are still attractive to investors. To support future growth, we raised 8 million euros of fresh capital through a share issue, which brought the market value of Inbank's equity to 149 million euros.

I look to the future positively. If 2020 was the year of laying the foundations for international growth, then in 2021 we have a clear goal to enter a new market and continue to innovate in the buy now, pay later segment.’

Key financial indicators 31 December 2020

Total assets EUR 490.0 million
Loan portfolio EUR 402.2 million
Deposit portfolio EUR 391.3 million
Total equity EUR 61.2 million
Net profit EUR 5.9 million
Return on equity 10.8%

Inbank AS consolidated annual report 2020 has been enclosed to the announcement and will be made available on Inbank’s website at

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 3,800 active partners and 690,000 active contracts. Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.

Additional information:

Merit Arva
Inbank AS
Head of Corporate Communications
+372 553 3550