The profit earned by Inbank in 2017 amounted to 7.5 million euros, which is
almost three times more than in the previous year. The consolidated assets of
Inbank grew by 48,3% over the year.
Last year, Inbank increased its deposit portfolio by 47.2% to 95.1 million
euros. The financing portfolio increased by 43.3% at the same time and amounted
to 92.9 million euros. On the consumer financing market, Inbank has risen to
second place after Swedbank.
In total, Inbank sold credit products for 72.8 million euros in three countries
in 2017 – 80.8% in Estonia, 11.4% in Latvia and 7.8% in Poland.
According to Inbank CEO Jan Andresoo, the growth of Inbank is based on a clear
strategy and focused activities. “An approach aimed at our partners and
developing technology has helped us grow into the most preferred partner in the
area of hire-purchase and car loans,” he said. “Spreading our operations
geographically and exporting our business model makes more sense to us than
competing with large banks that offer a variety of different services in
Estonia. We’re testing the business model that works on the Estonian market on
the Latvian and Polish markets as well.”
According to Andresoo, the bank’s strong growth can continue on the account of
international business. “Inbank’s business in Estonia currently comprises
approximately 80% of our loan portfolio,” he said. “We can see the growth
continuing in Estonia, but believe that in a couple of years, at least half of
our portfolio will already come from international markets.”
Several one-off transactions had an impact on Inbank’s profit in 2017. The bank
sold its former affiliates Coop Finants and Krediidipank Finants. The bank also
considerably reduced its holding in the online identity verification company
Veriff in 2017. In addition, Inbank’s profit was affected by a changed tax
legislation in Latvia, which resulted in the need to write off income tax asset
in amount of 389 thousand euros. The total impact of these events on the
consolidated profit was 4.8 million euros.
Significant financial indicators as of 31 December 2017:
* Balance sheet total 126.0 million euros
* Loan portfolio 92.9 million euros
* Deposits 95.1 million euros
* Net profit for the year 7.5 million euros
* Equity 22.0 million euros
Consolidated statement of profit or loss and other comprehensive income
EURt
2017 2016
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Interest income 13 023 9 788
Interest expense -2 009 -1 404
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Net interest income 11 014 8 384
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Fee income 551 394
Fee expense -607 -334
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Net fee and commission income -56 60
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Other operating income 705 776
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Total net interest, fee and other income 11 663 9 220
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Personnel expenses -3 997 -2 461
Marketing expenses -929 -566
Administrative expenses -1 602 -1 014
Depreciation, amortisation -215 -174
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Total operating expenses -6 743 -4 215
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Profit before impairment losses on loans and advances 4 920 5 005
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Share of profit of associates 6 203 773
Impairment losses on loans and advances -3 532 -3 219
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Profit before income tax 7 591 2 559
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Income tax -92 57
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Profit for the period 7 499 2 616
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Other comprehensive income/loss
Items that may be subsequently reclassified to profit or loss
Currency translation differences -38 2
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Total comprehensive income for the period 7 461 2 618
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Net profit attributable to:
Shareholders of parent company 7 496 2 646
Non-controlling interest 3 -30
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Profit for the reporting period 7 499 2 616
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Total comprehensive income attributable to:
Shareholders of parent company 7 458 2 649
Non-controlling interest 3 -31
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Total comprehensive income for the reporting period 7 461 2 618
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Consolidated statement of financial position
EURt
31.12.2017 31.12.2016
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Assets
Cash in hand 4 4
Due from central banks, including mandatory reserve 14 767 14 680
Due from credit institutions 8 530 1 956
Loans and advances to customers 92 895 64 839
Investments in associates 7 806 1
Tangible assets 279 183
Intangible assets 816 902
Other financial assets 61 43
Other assets 459 214
Deferred tax asset 364 449
Assets held for sale 0 1 672
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Total assets 125 981 84 943
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Customer deposits 95 056 64 587
Other financial liabilities 1 263 1 034
Other liabilities 1 136 722
Income tax liability 0 321
Subordinated debt securities 6 480 6 475
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Total liabilities 103 935 73 139
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Equity
Share capital 782 689
Share premium 9 068 6 361
Statutory reserve capital 79 57
Other reserves 1 352 1 361
Retained earnings 10 739 3 330
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Total equity attributable to the shareholders of parent
company 22 020 11 798
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Non-controlling interest 26 6
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Total equity 22 046 11 804
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Total liabilities and equity 125 981 84 943
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Inbank, which started operating as a bank in 2015, offers services via its
internet bank and a large 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. Inbank and its
subsidiaries have ca 170 thousand clients in three countries.
Further information:
Jan Andresoo
Chairman of Management Board
+372 508 4184
jan.andresoo@inbank.ee
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