Published: 2021-08-05 16:01:00 CEST
Inbank
Half Year financial report

Inbank Unaudited Financial Results for Q2 and 6 Months 2021

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 EIR11 47310 39322 58921 280
Interest expense-2 264-2 005-4 407-3 941
Net interest income9 2098 38818 18217 339
     
Fee income486263935557
Fee expense-783-512-1 572-1 002
Net fee and commission income-297-249-637-445
     
Other operating income5 0312228 553362
Other operating expense-3 5920-6 3130
Total net interest, fee and other income10 3518 36119 78517 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 loans4 1694 1178 5158 580
     
Share of profit from subsidiaries and associates-79176257592
Impairment losses on loans and advances-1 941-3 740-3 746-6 159
Profit before income tax2 1495535 0263 013
     
Income tax-3443-675-276
Profit for the period1 8055564 3512 737
     
Other comprehensive income that may be reclassified subsequently to profit or loss    
Currency translation differences1854059-76
Total comprehensive income for the period1 9905964 4102 661


Consolidated statement of financial position (in thousands of euros)
 30/06/202131/12/2020
Assets  
Due from central banks64 12327 445
Due from credit institutions18 88119 784
Investments in debt securities6 19413 618
Loans and advances 492 211402 212
Investments in associates4 4294 026
Tangible assets12 563833
Right of use asset27 3851 157
Intangible assets21 04316 139
Other financial assets1 3881 350
Other assets3 3261 297
Deferred tax asset2 2582 170
Total assets653 801490 031
   
Liabilities  
Customer deposits520 907391 341
Other financial liabilities45 02712 218
Current Income tax liability637864
Other liabilities3 8912 810
Debt securities issued04 010
Subordinated debt securities17 58217 563
Total liabilities588 044428 806
   
Equity  
Share capital961961
Share premium23 86523 865
Statutory reserve capital9690
Other reserves1 6191 438
Retained earnings39 21634 871
Non-controlling interest00
Total equity65 75761 225
   
Total liabilities and equity653 801490 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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Inbank_Interim_Report_2021_Q2_EN.pdf