Financial results of Inbank AS for Q3 2018

GlobeNewswire - Earnings Releases And Operating Results

Inbank’s profit in the third quarter of 2018 was 1.5 million euros and in the first nine months of the year 6.3 million euros in total.

By the end of the third quarter, Inbank’s loan portfolio amounted to 199.5 million euros and the deposit portfolio to 187.2 million euros. In a yearly comparison, the loan portfolio grew by 130.9% and the deposit portfolio by 139.1%.

According to Inbank’s Chairman of the Management Board Jan Andresoo, the results were positive in all Inbank’s markets. “In the first nine months of the year, Inbank issued loans in the amount of 142.9 million euros, which was 68.4% more than at the same time last year. The results continued to be strong in Estonia, Latvia and Lithuania, and work in the Poland branch has begun to bring first tangible results,” said Andresoo.

Over the first nine months, the sales volume of credit products in Estonia was 52.5 million euros, in Latvia 29.9 million euros, in Lithuania 54.8 million euros and in Poland 5.7 million euros.

In addition to increased business volumes, the team of Inbank also gained strength in the third quarter. “In August, Ivar Kallast, who has lengthy experience in the field of banking, became Chief Risk Officer of the group-wide risk unit and the fifth member of Inbank’s Management Board. In September, the management of the Estonian business unit was taken over by Margus Kastein, who has twenty years of experience as a senior manager, and our team was also joined by Martina Põldvere, the former long-term HR Manager at Playtech,” said Andresoo.

With the first nine months of the year, Inbank received deposits in the amount of 107.6 million euros: 87.9 million euros from Germany, 13.8 million euros from Estonia and 5.9 million euros from Poland.

Key financial indicators as at 30 September 2018

  • Total assets 262.8 million euros 
  • Loan portfolio 199.5 million euros 
  • Volume of deposits 187.2 million euros 
  • Profit 6.3 million euros, Q3 profit 1.5 million euros
  • Equity 33.4 million euros 
  • Net return on equity 30.3%

Condensed consolidated statement of profit and loss and other comprehensive income

EURt        
  Q3 2018 9 months 2018 Q3 2017 9 months 2017
         
Interest income 7 079 15 785 3 382 9 378
Interest expense -1 151 -2 549 -496 -1 472
Net interest income 5 928 13 236 2 886 7 906
         
Fee income 188 523 144 398
Fee expense -370 -720 -155 -439
Net fee and commission income -182 -197 -11 -41
         
Net gains from financial assets measured at fair value 0 1 204 0 0
Other operating income 277 452 148 543
         
Total net interest, fee and other income 6 023 14 695 3 023 8 408
         
Personnel expenses -1 509 -4 034 -1 029 -2 908
Marketing expenses -474 -945 -192 -680
Administrative expenses -800 -1 832 -437 -1 145
Depreciations, amortisation -124 -284 -53 -157
Total operating expenses -2 907 -7 095 -1 711 -4 890
         
Profit before impairment losses on loans 3 116 7 600 1 312 3 518
         
Share of profit from associates 0 1 986 1 123 6 188
Impairment losses on loans and advances -1 248 -3 087 -924 -2 655
Profit before income tax 1 868 6 499 1 511 7 051
         
Income tax -322 -274 70 221
Profit for the period 1 546 6 225 1 581 7 272
         
Other comprehensive income/loss        
Items that may be reclassified subsequently to profit or loss        
Unrealised foreign exchange gains/losses -58 52 19 6
Total comprehensive income for the period 1 488 6 277 1 600 7 278
         
Profit is attributable to        
Owners of the parent 1 541 6 214 1 553 7 271
Non-controlling interest 4 11 28 1
Profit for the reporting period 1 545 6 225 1 581 7 272
         
Total comprehensive income/loss is attributable to        
Owners of the parent 1 483 6 266 1 571 7 277
Non-controlling interest 5 11 29 1
Total comprehensive income for the reporting period 1 488 6 277 1 600 7 278

Condensed consolidated statement of financial position

EURt    
  30.09.2018 31.12.2017
     
     
Assets    
Cash in hand 4 4
Due from central banks, including mandatory reserve 35 825 14 767
Due from credit institutions 12 934 8 530
Financial assets at fair value through profit and loss 4 600 0
Loans and advances to customers 199 534 92 895
Investments in associates 97 7 806
Tangible assets 526 279
Intangible assets 7 199 816
Other financial assets 61 61
Other assets 1 480 459
Deferred tax asset 571 364
Total assets 262 831 125 981
     
     
Loan from credit institutions 16 683 0
Customer deposits 187 209 95 056
Other financial liabilities 7 003 1 263
Other liabilities 2 043 1 136
Debt securities issued 10 017 0
Subordinated debt securities 6 487 6 480
Total liabilities 229 442 103 935
     
Equity    
Share capital 874 782
Share premium 15 053 9 068
Statutory reserve capital 79 79
Other reserves 1 419 1 352
Retained earnings 15 927 10 739
Total equity attributable to the shareholders of parent company 33 352 22 020
Non-controlling interest 37 26
Total equity 33 389 22 046
     
Total liabilities and equity 262 831 125 981

Launched as a bank in 2015, Inbank provides services through its Internet bank and partner network. Inbank operates in the Estonian, Latvian, Lithuanian and Polish consumer financing market. In addition, Inbank raises international deposits from the German and Austrian market.

Further information:
Kristin Pihu
Inbank AS 
Head of Marketing and Communication
kristin.pihu@inbank.ee
+372 5348 2436

Attachment

http://globenewswire.com/news-release/2018/11/05/1644734/0/en/Financial-results-of-Inbank-AS-for-Q3-2018.html

Leave a Reply