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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.

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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 EIR

11 473

10 393

22 589

21 280

Interest expense

-2 264

-2 005

-4 407

-3 941

Net interest income

9 209

8 388

18 182

17 339

Fee income

486

263

935

557

Fee expense

-783

-512

-1 572

-1 002

Net fee and commission income

-297

-249

-637

-445

Other operating income

5 031

222

8 553

362

Other operating expense

-3 592

0

-6 313

0

Total net interest, fee and other income

10 351

8 361

19 785

17 256

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 loans

4 169

4 117

8 515

8 580

Share of profit from subsidiaries and associates

-79

176

257

592

Impairment losses on loans and advances

-1 941

-3 740

-3 746

-6 159

Profit before income tax

2 149

553

5 026

3 013

Income tax

-344

3

-675

-276

Profit for the period

1 805

556

4 351

2 737

Other comprehensive income that may be reclassified subsequently to profit or loss

Currency translation differences

185

40

59

-76

Total comprehensive income for the period

1 990

596

4 410

2 661


Consolidated statement of financial position (in thousands of euros)

30/06/2021

31/12/2020

Assets

Due from central banks

64 123

27 445

Due from credit institutions

18 881

19 784

Investments in debt securities

6 194

13 618

Loans and advances

492 211

402 212

Investments in associates

4 429

4 026

Tangible assets

12 563

833

Right of use asset

27 385

1 157

Intangible assets

21 043

16 139

Other financial assets

1 388

1 350

Other assets

3 326

1 297

Deferred tax asset

2 258

2 170

Total assets

653 801

490 031

Liabilities

Customer deposits

520 907

391 341

Other financial liabilities

45 027

12 218

Current Income tax liability

637

864

Other liabilities

3 891

2 810

Debt securities issued

0

4 010

Subordinated debt securities

17 582

17 563

Total liabilities

588 044

428 806

Equity

Share capital

961

961

Share premium

23 865

23 865

Statutory reserve capital

96

90

Other reserves

1 619

1 438

Retained earnings

39 216

34 871

Non-controlling interest

0

0

Total equity

65 757

61 225

Total liabilities and equity

653 801

490 031


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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