Inbank unaudited financial results for Q1 2024
April 29 2024 - 11:30PM
Inbank unaudited financial results for Q1 2024
In Q1 2024 Inbank earned a consolidated net profit of
4.0 million euros increasing 114% year-on-year. The return on
equity in Q1 was 12.6%.
- Inbank’s loan and rental portfolio increased by 23% compared to
Q1 2023 reaching 1.05 billion euros. The deposit portfolio grew 29%
and reached 1.11 billion euros by the end of Q1. At the end of Q1
2024, Inbank’s total assets stood at 1.34 billion euros.
- The Gross Merchandise Value (GMV) during the first quarter was
162 million euros, which is 5% more than a year ago. In terms of
product segments, car finance continued to show especially strong
results with 45 million euros of GMV, which is 39% more than a year
ago. The GMV of green finance was stable at 20 million euros. All
other product segments had slightly lower sales volumes than a year
ago. Rental services were 13 million euros, which is a 6% decrease
compared to a year ago. Direct lending sales decreased by 4% to 20
million euros and merchant solutions by 6% to 65 million
euros.
- By the end of Q1, the number of active contracts reached
896,000. At the end of Q1, Inbank reached 5,800 active
partners.
Priit Põldoja, Chairman of the Management Board,
comments on the results:
“Inbank begins 2024 with a steady improvement in financial
performance. Our total net income grew by 30% compared to the same
quarter a year ago, while our operating expenses grew by 16%.
Impairment losses remained at the same level as a year ago, while
loan and rental portfolios grew by 23%.
Sales results were seasonally lower, but on a year-on-year basis
quite stable in all markets. GMV in CEE was up 11% with improving
sales in Czechia, while Baltic sales remained at 2023 levels on the
back of weak macroeconomic conditions.
Despite facing challenging economic conditions over the last two
years, our loan impairment losses have remained low. Impairment
losses in the first quarter were impressive, standing at 1.35% of
the average loan portfolio.
During the first quarter, Inbank started cooperating with Pigu
Group, the largest e-commerce player in the Baltics. We also
bolstered our cooperation with leading Baltic payment service
providers to extend our products to an increasing number of small
and medium sized online merchants. As a result, Inbank reached a
total of 5,800 merchants at the end Q1 2024.
As 2024 progresses, Inbank continues to navigate through a
challenging external environment. However, there are many reasons
to be optimistic. The Polish economy is demonstrating an impressive
resilience and the Baltic economies are projected to start growing
again during the second half of 2024. Financial markets are
expecting a more accommodative monetary policy from the European
Central Bank for the remainder of the year, which will likely
result in a continuous trend of lower funding cost for Inbank.”
Key financial indicators as of 31.03.2024 and for
Q1:
Total assets EUR 1.34 billionLoan and rental portfolio EUR 1.05
billionDeposit portfolio EUR 1.11 billionEquity EUR 128.2
millionNet profit EUR 4.0 millionReturn on equity 12.6%
Consolidated income statement (in thousands of
euros)
|
Q1 2024 |
Q1 2023 restated |
3 months 2024 |
3 months 2023 restated |
Interest
income based on EIR |
28 768 |
21 503 |
28 768 |
21 503 |
Interest
expense |
-13 612 |
-9 379 |
-13 612 |
-9 379 |
Net interest
income |
15 156 |
12 124 |
15 156 |
12 124 |
|
|
|
|
|
Fee and
commission income |
111 |
123 |
111 |
123 |
Fee and
commission expenses |
-1 186 |
-938 |
-1 186 |
-938 |
Net fee and commission
income/expenses |
-1 075 |
-815 |
-1 075 |
-815 |
|
|
|
|
|
Income from
rental services |
7 149 |
5 237 |
7 149 |
5 237 |
Sale of assets
previously rented to customers |
4 583 |
2 914 |
4 583 |
2 914 |
Other
operating income |
339 |
96 |
339 |
96 |
Cost of rental
services |
-4 789 |
-3 508 |
-4 789 |
-3 508 |
Cost of assets
sold previously rented to customers |
-4 350 |
-2 583 |
-4 350 |
-2 583 |
Net
operating income/expenses |
2 932 |
2 156 |
2 932 |
2 156 |
|
|
|
|
|
Net
gains/losses from financial assets measured at fair value |
890 |
-57 |
890 |
-57 |
Foreign
exchange rate gain/losses |
-339 |
83 |
-339 |
83 |
Net
gain/losses from financial items |
551 |
26 |
551 |
26 |
|
|
|
|
|
Total
net interest, fee and other income and expenses |
17 564 |
13 491 |
17 564 |
13 491 |
|
|
|
|
|
Personnel
expenses |
-4 771 |
-4 037 |
-4 771 |
-4 037 |
Marketing
expenses |
-633 |
-798 |
-633 |
-798 |
Administrative
expenses |
-2 838 |
-2 407 |
-2 838 |
-2 407 |
Depreciations,
amortization |
-1 756 |
-1 394 |
-1 756 |
-1 394 |
Total
operating expenses |
-9 998 |
-8 636 |
-9 998 |
-8 636 |
|
|
|
|
|
Share of
profit from associates |
0 |
33 |
0 |
33 |
Impairment
losses on loans and advances |
-3 199 |
-3 129 |
-3 199 |
-3 129 |
Profit
before income tax |
4 367 |
1 759 |
4 367 |
1 759 |
|
|
|
|
|
Income
tax |
-403 |
92 |
-403 |
92 |
Profit
for the period |
3 964 |
1 851 |
3 964 |
1 851 |
|
|
|
|
|
Other
comprehensive income that may be reclassified subsequently to
profit or loss |
|
|
|
|
Currency
translation differences |
20 |
-45 |
20 |
-45 |
Total
comprehensive income for the period |
3 984 |
1 806 |
3 984 |
1 806 |
Consolidated statement of financial position (in
thousands of euros)
|
31.03.2024 |
31.12.2023 |
31.03.2023 restated |
Assets |
|
|
|
Cash and cash
equivalents |
179 842 |
172 921 |
96 801 |
Mandatory
reserves at central banks |
22 857 |
21 020 |
16 750 |
Investments in
debt securities |
31 507 |
33 581 |
23 052 |
Financial
assets measured at fair value through profit or loss |
920 |
79 |
0 |
Loans and
advances |
957 695 |
942 056 |
794 569 |
Investments in
associates |
204 |
141 |
1 098 |
Other
financial assets |
3 802 |
5 268 |
2 512 |
Tangible
assets |
76 916 |
75 206 |
54 017 |
Right of use
assets |
25 677 |
26 716 |
22 961 |
Intangible
assets |
31 659 |
30 906 |
27 270 |
Other
assets |
8 886 |
8 185 |
7 792 |
Deferred tax
assets |
4 569 |
4 505 |
3 481 |
Total
assets |
1 344 534 |
1 320 584 |
1 050 303 |
|
|
|
|
Liabilities |
|
|
|
Customer
deposits |
1 106 167 |
1 081 566 |
857 013 |
Financial
liabilities measured at fair value through profit or loss |
0 |
50 |
20 |
Other
financial liabilities |
55 774 |
60 927 |
54 490 |
Current tax
liability |
457 |
311 |
47 |
Deferred tax
liability |
283 |
204 |
106 |
Other
liabilities |
3 991 |
3 691 |
4 089 |
Subordinated
debt securities |
49 654 |
49 745 |
30 581 |
Total
liabilities |
1 216 326 |
1 196 494 |
946 346 |
|
|
|
|
Equity |
|
|
|
Share
capital |
1 086 |
1 086 |
1 026 |
Share
premium |
43 563 |
43 563 |
31 855 |
Statutory
reserve |
103 |
103 |
100 |
Other
reserves |
1 697 |
1 543 |
1 529 |
Retained
earnings |
81 759 |
77 795 |
69 447 |
Total
equity |
128 208 |
124 090 |
103 957 |
|
|
|
|
Total
liabilities and equity |
1 344 534 |
1 320 584 |
1 050 303 |
Inbank is a financial technology company with an EU banking
license that connects merchants, consumers and financial
institutions on its next generation embedded finance platform.
Partnering with 5,800 merchants, Inbank has 896,000+ active
contracts and collects deposits across 8 markets in Europe. Inbank
bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:Merit ArvaHead of
Communicationsmerit.arva@inbank.ee+372 553 3550
- Inbank_Interim_Report_2024_Q1