The consolidated profit of Inbank in the first half of 2017 was 5.69 million
euros. The deposit portfolio of Inbank increased 49.6 per cent year-on-year and
the loan portfolio grew by 43.4 per cent.
In Q2, Inbank sold its affiliates Krediidipank Finants AS and Coop Finants AS
to Eesti Krediidipank, which will start operating under the name of Coop Pank
in autumn. Inbank’s holding in both companies before the transaction was 49%.
Inbank earned a one-off profit in the amount of 4.81 million euros from the
transactions. The holding of Inbank in Eesti Krediidipank after the
transactions is 17.9 per cent.
According to the CEO of Inbank Jan Andresoo, the quarter was characterised by
the start of several new partnerships. “We launched international cooperation
with the innovative mobile bank N26 via our Raisin deposit platform in order to
offer good depositing opportunities to their clients,” he said. “In the area of
hire purchase, we started a partnership with Samsung Electronics Baltics. In
the area of loans, we developed our cooperation with several good partners such
as Bauhof, 1A.EE and Hansapost, where we now offer small loans in addition to
hire purchase.”
Inbank’s sales in the first six months of 2017 amounted to 33.4 million euros:
28.5 million in Estonia, 3.2 million in Latvia and 1.6 million in Poland. The
increase in the sales of loans in Estonia deserves a separate mention, as it
increased by 35.6 per cent year-on-year.
Business volumes also increased in the Polish branch, which started operating
at the start of the year. According to Andresoo, the second quarter was like a
test period for the branch in order to assess the quality of the primary credit
decisions and the functioning of channels and IT processes. “The people in
Poland also worked hard to start the partner-based business, which is the
cornerstone of the international strategy of Inbank,” he said. “I have to say
that we have found very interesting business opportunities so far and hope to
be able to say more about them in the near future.”
Several changes in the staff of Inbank took place in Q2. Priit Piile, the
former Technical Director of Inbank’s affiliate Maksekeskus AS, started working
as the Technology Director at Inbank. He will be responsible for coordinating
IT development across the group. Girts Ledins, who has a lot of management
experience in the area of finance, became the new CEO of Inbank’s Latvian
company Inbank Lizings SIA in May.
Important financial indicators as at 30 June 2017
-- Balance sheet total 102.9 million euros
-- Loan portfolio 77.4 million euros
-- Deposits 74.3 million euros
-- Consolidated profit 5.69 million euros
-- Equity 20.3 million euros
Inbank's interim report is currently available only in Estonian. The English
version will be published on Inbank's web page www.inbank.ee shortly.
Consolidated statement of comprehensive income (abbreviated)
EURt
Q2 6 months Q2 6 months
2017 2017 2016 2016
--------------------------------------------------------------------------------
Continuing operations
Interest income 3 061 5 996 2 345 4 161
Interest expenses -492 -976 -301 -559
--------------------------------------------------------------------------------
Net interest income 2 569 5 020 2 044 3 602
--------------------------------------------------------------------------------
Fee and commission income 204 396 141 261
Fee and commission expense -144 -284 -81 -153
--------------------------------------------------------------------------------
Net fee and commission income 60 112 60 108
--------------------------------------------------------------------------------
Other income related to operations 104 253 142 313
--------------------------------------------------------------------------------
Total income 2 733 5 385 2 246 4 023
--------------------------------------------------------------------------------
Personnel costs -994 -1 879 -580 -1 080
Marketing expenses -380 -488 -143 -231
Administrative expenses -354 -708 -266 -417
Depreciations, amortisation -55 -104 -47 -91
--------------------------------------------------------------------------------
Total operating expenses -1 783 -3 179 -1 036 -1 819
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit 950 2 206 1 210 2 204
--------------------------------------------------------------------------------
Profit from affiliates 4 797 5 065 96 273
Credit losses -805 -1 731 -943 -1 402
--------------------------------------------------------------------------------
Profit before income tax 4 942 5 540 363 1 075
--------------------------------------------------------------------------------
Deferred income tax 93 151 15 17
Net income 5 035 5 691 378 1 092
--------------------------------------------------------------------------------
Other comprehensive income / (loss)
Items that may be reclassified
subsequently to profit or loss
Unrealised foreign exchange gains/losses 3 -13 0 0
-----------------------------------------
Total comprehensive income for the year 5 038 5 678 378 1 092
--------------------------------------------------------------------------------
Profit is attributable to:
Owners of the Bank 5 050 5 718 401 1 113
Non-controlling interest -16 -28 -23 -21
Profit for the year 5 034 5 690 378 1 092
--------------------------------------------------------------------------------
Total comprehensive income/(loss) is
attributable to:
Owners of the Bank 5 054 5 706 401 1 113
Non-controlling interest -16 -28 -23 -21
--------------------------------------------------------------------------------
Total comprehensive income 5 038 5 678 378 1 092
--------------------------------------------------------------------------------
Consolidated statement of financial position
EURt
30.06.2017 31.12.2016
--------------------------------------------------------------------------------
Assets
Cash in hand 4 4
Due from central banks, reserve requirement 13 937 14 680
Due from credit institutions 2 308 1 956
Loans and receivables from customers 77 439 64 839
Investments in affiliates 7 013 1
Tangible assets 228 183
Intangible assets 980 902
Other financial assets 41 43
Other assets 234 214
Deferred income tax asset 806 449
Assets held for sale 0 1 672
--------------------------------------------------------------------------------
Total assets 102 990 84 943
--------------------------------------------------------------------------------
Customer deposits 74 345 64 587
Other financial liabilities 1 009 1 034
Other liabilities 882 722
Income tax liability 0 321
Subordinated debt securities 6 477 6 475
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Total liabilities 82 713 73 139
--------------------------------------------------------------------------------
Equity
Share capital 782 689
Share premium 9 068 6 361
Mandatory reserve 57 57
Other reserves 1 363 1 361
Retained earnings 8 983 3 330
--------------------------------------------------------------------------------
Total equity attributable to the shareholders of parent 20 253 11 798
company
--------------------------------------------------------------------------------
Non-controlling interest 24 6
--------------------------------------------------------------------------------
Total equity 20 277 11 804
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities and equity 102 990 84 943
--------------------------------------------------------------------------------
The reports of Inbank are accessible online at
https://www.inbank.ee/en/inside/investor/reports/.
Inbank, which started operating as a bank in 2015, offers services via its
internet bank and a partner network. Inbank operates on the consumer financing
markets of Estonia, Latvia and Poland. Inbank also receives international
deposits from the German and Austrian markets.
Kristin Pihu
Inbank AS
Marketing and Communication Specialist
+327 5348 2436
kristin.pihu@inbank.ee |