Inbank announces Q2 2019 comprehensive income of 2.27 EURm and H1 2019
comprehensive income of 4.29 EURm.
Inbank continued on a strong growth trajectory across all four of its home
markets in H1 2019 with credit product sales increasing by 49%. Poland, with its
nearly 7x growth contributed by almost half towards Inbank's total growth. The
group loan portfolio increased by 54.7%, reaching 275.6 EURm and the deposit
portfolio by 71.3% to 272.8 EURm.
Estonia contributed 45.7 EURm to the group credit product sales, Lithuania,
Latvia and Poland respectively 43.3 EURm, 24.2 EURm and 20.6 EURm. Year-on-year
sales growth in Poland was 588%, 37% in Estonia, 32% in Latvia and 23% in
Lithuania.
Commenting on the positive results, Inbank CEO Jan Andresoo said, 'The strong
results of Q2 and H1 reflected our expectations. Compared to the same period a
year ago, the sales growth is nearly 50% and we are particularly pleased with
the performance in Poland. These results are indicative of the positive and
effective dynamics we have been working towards for a while now.'
Inbank's Q2 and H1 2019 comprehensive income was, respectively, 2.27 EURm and
4.29 EURm. The 2018 results were 0.88 EURm and 4.79 EURm. 'It should be noted
that the numbers have been affected by one-off events such as the revaluation of
Coop Pank shares in the amount of 0.3 EURm and the effect of recognized deferred
tax asset attributable to previous periods in the amount of 0.3 EURm,' said
Andresoo.
The most significant focus points of H1 highlighted by Andresoo were product
development and innovation in addition to the highly promising partnership with
payment services facilitator PayU in Poland. He added that the main focus of
Inbank's product development continues to be simplifying commerce and helping
Inbank's partners sell more. The whole organisation is dedicated to being able
to introduce some new solutions as early as at the end of this year. 'The other
notable development, our partnership with PayU, has ensured that our services
are now available to 40 million Polish consumers via thousands of e-commerce
merchants,' he added.
Andresoo also highlighted the ongoing brand launch preparations in Lithuania as
a key development, adding that all relevant information has been shared with the
Estonian FSA.
'We acquired Mokilizingas last year and established ourselves in the Lithuanian
market. Preparations for phase two - launching the Inbank brand- are now under
way. This step gives us an additional market for acquiring deposits and
diversifying our financing channels,' said Andresoo.
Q2 also saw Inbank make a strategic decision to commence with the sales process
of its 7.94% stake in Coop Pank AS - Inbank plans to invest this capital in its
international growth and development.
Key financial indicators (30th of June 2019):
· Balance Sheet 338.2EURm
· Loan Portfolio 275.6EURm
· Deposit Portfolio 272.8EURm
· Comprehensive Income 4.29EURm
· Total Equity 40.66EURm
· Return on Equity 22.5%
Condensed consolidated statement of profit and loss and other
comprehensive income
EURt
Q2 2019 H1 2019 Q2 2018 H1 2018
------------------------------------------------------------------------------
Interest income 8,974 17,129 4,909 8,706
Interest expense -1,396 -2,786 -827 -1,398
------------------------------------------------------------------------------
Net interest income 7,578 14,343 4,082 7,308
------------------------------------------------------------------------------
Fee income 228 432 174 335
Fee expense -427 -802 -196 -350
------------------------------------------------------------------------------
Net fee and commission income -199 -370 -22 -15
------------------------------------------------------------------------------
Net gains from financial assets
measured at fair value 266 266 0 1,204
Other operating income 308 553 91 175
------------------------------------------------------------------------------
Total net interest, fee and other
income 7,953 14,792 4,151 8,672
------------------------------------------------------------------------------
Personnel expenses -2,041 -3,897 -1,314 -2,525
Marketing expenses -778 -1,169 -345 -471
Administrative expenses -931 -1,730 -566 -1,032
Depreciations, amortisation -302 -579 -93 -160
------------------------------------------------------------------------------
Total operating expenses -4,052 -7,375 -2,318 -4,188
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Profit before profit from associates
and impairment losses on loans 3,901 7,417 1,833 4,484
------------------------------------------------------------------------------
Share of profit from associates 0 0 0 1,986
Impairment losses on loans and
advances -1,752 -2,947 -987 -1,839
------------------------------------------------------------------------------
Profit before income tax 2,149 4,470 846 4,631
------------------------------------------------------------------------------
Income tax 174 -125 -55 48
------------------------------------------------------------------------------
Profit for the period 2,323 4,345 791 4,679
------------------------------------------------------------------------------
Other comprehensive income/loss
Items that may be reclassified
subsequently to profit or loss
Currency translation differences -50 -51 90 110
------------------------------------------------------------------------------
Total comprehensive income for the
period 2,273 4,294 881 4,789
------------------------------------------------------------------------------
Net profit attributable to
Shareholders of parent company 2,323 4,345 788 4,673
Non-controlling interest 0 0 3 6
------------------------------------------------------------------------------
Profit for the reporting period 2,323 4,345 791 4,679
------------------------------------------------------------------------------
Total comprehensive income/loss is
attributable to
Shareholders of parent company 2,273 4,294 878 4,783
Non-controlling interest 0 0 3 6
------------------------------------------------------------------------------
Total comprehensive income for the
reporting period 2,273 4,294 881 4,789
------------------------------------------------------------------------------
Condensed consolidated statement of financial
position
EURt
30.06.2019 31.12.2018
------------------------------------------------------------------------------
Assets
Cash in hand 4 4
Due from central banks 25,402 64,620
Due from credit institutions 19,458 13,700
Financial assets at fair value through profit
and loss 5,187 4,600
Loans and advances 275,582 225,639
Investments in associates 97 97
Tangible assets 672 545
Right of use asset 862 0
Intangible assets 9,138 7,697
Other financial assets 72 64
Other assets 511 514
Deferred tax asset 1,235 564
------------------------------------------------------------------------------
Total assets 338,220 318,044
------------------------------------------------------------------------------
Loan from credit institution 0 10,429
Customer deposits 272,839 240,175
Other financial liabilities 9,020 8,776
Other liabilities 2,146 2,654
Debt securities issued 4,009 10,017
Subordinated debt securities 9,543 9,528
------------------------------------------------------------------------------
Total liabilities 297,557 281,579
------------------------------------------------------------------------------
Equity
Share capital 874 874
Share premium 15,053 15,053
Statutory reserve capital 88 79
Other reserves 1,373 1,401
Retained earnings 23,275 19,018
------------------------------------------------------------------------------
Total equity attributable to the shareholders
of parent company 40,663 36,425
------------------------------------------------------------------------------
Non-controlling interest 0 40
------------------------------------------------------------------------------
Total equity 40,663 36,465
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total liabilities and equity 338,220 318,044
------------------------------------------------------------------------------
Inbank is a consumer finance focused digital bank active in the Baltics and
Poland with additional deposits accepted in Germany, Austria and Holland. Inbank
has over 1,500 active partners and 500,000 active contracts. Inbank bonds are
listed on the Nasdaq Baltic Stock Exchange.
For further information please contact:
Kärri Brewster-Palts
Inbank AS
Head of Group Marketing
karri.brewster-palts@inbank.ee
00372 5565 5500
|