In the first quarter of 2022, Inbank made a net profit of 2.9 million euros. Quarterly profit increased 15% from a year ago and return on equity was 14.8%.
- Inbank’s loan portfolio increased by 48% compared to the first quarter of 2021 to reach 640 million euros.
- The deposit portfolio increased by 50% and reached 677 million euros at the end of the first quarter.
- Total first-quarter revenue was €125 million, up 29% year-on-year.
- In terms of product segments, sales financing increased 22% year-on-year to €86 million, or 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.
- At the end of the first quarter, Inbank had 804,000 active contracts and more than 4,700 active merchant partners.
Priit Põldoja, Chairman of the Management Board, comments on the results:
“While the first quarter of the year had started strong for Inbank, the situation changed overnight when Russia launched the war against Ukraine on February 24.
During the first weeks of the war, consumer behavior changed dramatically, impacting Inbank’s first quarter sales results. At the end of March, the situation stabilized and total sales for the quarter amounted to 125 million euros, or 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 start of the health crisis. However, thanks to our flexible structure and our focus on partners and customers, Inbank has been able to react quickly to all changes. As the war in Ukraine continues, rising inflation is expected to change the interest rate environment, to which the bank must respond. Although customer payment behavior remained healthy, the effects of the war are expected to affect credit quality in the second half, which is why we increased our credit risk provisions in the first quarter. Over the next few quarters, Inbank will focus on providing high quality services to our partners, maintaining profitability and successfully entering the Czech market.
Key financial indicators 31.03.2022
Total assets €846 million
Loan portfolio EUR 640 million
Deposit portfolio EUR 677 million
Total equity EUR 82.1 million
Net profit 2.94 million euros
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 receipts | 705 | 449 | 705 | 449 |
| Fees | -802 | -789 | -802 | -789 |
| Net fee and commission income | -97 | -340 | -97 | -340 |
| Net gains on financial assets measured at fair value | -184 | 0 | -184 | 0 |
| Exchange gains/losses | -27 | 60 | -27 | 60 |
| Net gains/losses on financial items | -211 | 60 | -211 | 60 |
| Other exploitation products | 5,659 | 3,522 | 5,659 | 3,522 |
| Other operating expenses | -3,794 | -2,721 | -3,794 | -2,721 |
| Total net interest, commissions and other income | 12,431 | 9,494 | 12,431 | 9,494 |
| Personal expenses | -3,289 | -2,751 | -3,289 | -2,751 |
| Marketing costs | -563 | -543 | -563 | -543 |
| Administrative expenses | -1,851 | -1,114 | -1,851 | -1,114 |
| Depreciation, amortization | -1,009 | -740 | -1,009 | -740 |
| Total operating expenses | -6,712 | -5,148 | -6,712 | -5,148 |
| Earnings before associates and impairment losses on loans | 5,719 | 4,346 | 5,719 | 4,346 |
| Share of profits of 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 items of 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 | ||
| Claims on central banks | 89,709 | 50,349 |
| Claims on 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 |
| Fixed 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 |
| Passives | ||
| Customer deposits | 676 918 | 452 592 |
| Other financial liabilities | 46 203 | 40,816 |
| Current tax debt | 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 responsibilities | 763,591 | 515 420 |
| Equity | ||
| Share the capital | 997 | 961 |
| Premium | 30,436 | 23,865 |
| Legal 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 digital bank focused on consumer finance, active in the Baltics, Poland and Czechia, with additional deposits accepted in Germany, Austria, the Netherlands and Finland. Inbank a over 4,700 active partners and 804,000 actifive contracts. Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.
Further information:
Merit Arva
Inbank AS
Communications Manager
[email protected]
+372 553 3550
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Inbank_Interim_Report_2022_Q1
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