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Ettevõte AS Inbank
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Avaldamise aeg 01 nov 2019 07:55:00 +0200
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Inbank-10002910451-en.pdf
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Valuuta
Pealkiri Update: Unaudited Financial Results of Inbank AS for Q3 2019
Tekst
ANNOUNCEMENT
01.11.2019
Inbank AS
Updated with Q3 2019 Interim Report in English.


Unaudited Financial Results of Inbank AS for Q3 2019

Inbank's  Q3 2019 net profit was 2.22 EURm and the 9-month result was 6.57 EURm.
Return on equity in Q3 was 22%.

  * Net profit grew 44% compared to Q3 2018, when Inbank's reported net profit
    was 1.55 EURm and the 9-month result 6.23 EURm accordingly.
  * Compared to Q3 2018, Inbank's loan portfolio increased by 56%, reaching 310
    EURm. At the same time, the deposit portfolio doubled, reaching 375 EURm.
  * Inbank continues to report solid and profitable growth on all four markets.
    The overall sales of credit products was 220 EURm, which is 49% more
    compared to the year before. The overall sales figure is split by countries
    as follows: Estonia 70,7 EURm (+35%), Latvia 38,7 EURm (+29%), Lithuania
    73,1 EURm (+22%), Poland 37,8 EURm (+562%).
  * In Q3, the number of active contracts surpassed half a million reaching
    519,000 by the end of the quarter.
  * Inbank continues to grow and invest into both technology and people. This
    year, Inbank has welcomed 83 new employees and by the end of Q3 Inbank Group
    employs a total of 215 professionals.

Jan Andresoo, Chairman of the Management Board, comments on the results:

"From  product point of view, the two main drivers of growth were the small loan
and  hire purchase products. We  are reporting solid sales  across the past nine
months,  especially  in  Poland,  where  year-on-year sales have increased seven
times making it the most successful hire-purchase market of Inbank Group.

Inbank's  strategy  for  2019 was  to  mainly  focus  on product development and
improve  the overall competitiveness of our  offering. Throughout the last three
quarters  we have  invested heavily  into our  technology team and will continue
doing so in the future. Whilst it is still too early to report the launch of new
products  and  services,  I  can  confirm  that  in  the  near future we will be
surprising the markets with some new and innovative products.

We  are ready to launch the Inbank branch in Lithuania and are currently waiting
for  the final permission from  the Bank of Lithuania.  According to the initial
timeline  we are planning  to start our  activity in the  Lithuanian market as a
bank  in Q4 2019. As Inbank continues to  finance its operations mainly from its
retail  deposits, establishing a branch  in Lithuania will add  a new source for
deposits and diversify our financing channels further.

In accordance with the strategic decision to sell our 7,94% shareholding in Coop
Pank,  Inbank has already  sold 4% of its  shares in September  2019. We plan to
sell  the remaining  shares in  the IPO  process and  to reinvest the capital to
support our international growth."

Key Financial Indicators 30.09.2019

  * Total assets 446,0 EURm
  * Loan portfolio 310,3 EURm
  * Deposit portfolio 375,1 EURm
  * Net profit 6,57 EURm
  * Total equity? 43,9 EURm
  * Return on equity 22,1%

 Consolidated statement of profit and loss and other comprehensive
 income

 EURt

                                Q3                   Q3
                              2019 9 months 2019   2018 9 months 2018


----------------------------------------------------------------------


 Interest income             9 854        26 983  7 079        15 785

 Interest expense           -1 685        -4 471 -1 151        -2 549
----------------------------------------------------------------------
 Net interest income         8 169        22 512  5 928        13 236
----------------------------------------------------------------------


 Fee income                    255           687    188           523

 Fee expense                  -459        -1 261   -370          -720
----------------------------------------------------------------------
 Net fee and commission
 income                       -204          -574   -182          -197
----------------------------------------------------------------------


 Net gains from financial
 assets measured at fair
 value                         273           539      0         1 204

 Other operating income         25           578    277           452


----------------------------------------------------------------------
 Total net interest, fee
 and other income            8 263        23 055  6 023        14 695
----------------------------------------------------------------------


 Personnel expenses         -2 001        -5 898 -1 509        -4 034

 Marketing expenses           -518        -1 687   -474          -945

 Administrative expenses    -1 009        -2 739   -800        -1 832

 Depreciations,
 amortisation                 -333          -912   -124          -284
----------------------------------------------------------------------
 Total operating expenses   -3 861       -11 236 -2 907        -7 095
----------------------------------------------------------------------

----------------------------------------------------------------------
 Profit before profit from
 associates and impairment
 losses on loans             4 402        11 819  3 116         7 600
----------------------------------------------------------------------


 Share   of   profit   from
 associates                      0             0      0         1 986

 Impairment losses on loans
 and advances               -1 898        -4 845 -1 248        -3 087
----------------------------------------------------------------------
 Profit before income tax    2 504         6 974  1 868         6 499
----------------------------------------------------------------------


 Income tax                   -283          -408   -322          -274
----------------------------------------------------------------------
 Profit for the period       2 221         6 566  1 546         6 225
----------------------------------------------------------------------


 Other comprehensive
 income/loss

 Items that may be
 reclassified subsequently
 to profit or loss

 Currency translation
 differences                   133            82    -58            52
----------------------------------------------------------------------
 Total comprehensive income
 for the period              2 354         6 648  1 488         6 277
----------------------------------------------------------------------


 Net profit attributable to

 Shareholders of parent
 company                     2 221         6 566  1 541         6 214

 Non-controlling interest        0             0      4            11
----------------------------------------------------------------------
 Profit  for  the reporting
 period                      2 221         6 566  1 545         6 225
----------------------------------------------------------------------


 Total comprehensive income/loss is attributable to

 Shareholders of parent
 company                     2 354         6 648  1 483         6 266

 Non-controlling interest        0             0      5            11
----------------------------------------------------------------------
 Total comprehensive income
 for the reporting period    2 354         6 648  1 488         6 277
----------------------------------------------------------------------


 Consolidated statement of financial position


 EURt

                                                          30.09.2019 31.12.2018


-------------------------------------------------------------------------------


 Assets

 Cash in hand                                                      4          4

 Due from central banks                                       89 754     64 620

 Due from credit institutions                                 29 411     13 700

 Financial assets at fair value through profit and loss        2 390      4 600

 Loans and advances                                          310 341    225 639

 Investments in associates                                        97         97

 Tangible assets                                                 725        545

 Right of use asset                                              764          0

 Intangible assets                                            10 365      7 697

 Other financial assets                                           83         64

 Other assets                                                    462        514

 Deferred tax asset                                            1 573        564
-------------------------------------------------------------------------------
 Total assets                                                445 969    318 044
-------------------------------------------------------------------------------




 Loan from credit institution                                      0     10 429

 Customer deposits                                           375 133    240 175

 Other financial liabilities                                  10 801      8 776

 Other liabilities                                             2 526      2 654

 Debt securities issued                                        4 009     10 017

 Subordinated debt securities                                  9 551      9 528
-------------------------------------------------------------------------------
 Total liabilities                                           402 020    281 579
-------------------------------------------------------------------------------


 Equity

 Share capital                                                   903        874

 Share premium                                                15 908     15 053

 Statutory reserve capital                                        88         79

 Other reserves                                                1 536      1 401

 Retained earnings                                            25 514     19 018
-------------------------------------------------------------------------------
 Total equity attributable to the shareholders of parent
 company                                                      43 949     36 425
-------------------------------------------------------------------------------
 Non-controlling interest                                          0         40
-------------------------------------------------------------------------------
 Total equity                                                 43 949     36 465
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Total liabilities and equity                                445 969    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 1,700 active partners and 519,000 active contracts. Inbank bonds are
listed on the Nasdaq Baltic Stock Exchange.

Additional information

Kärri Brewster-Palts
Inbank AS
Head of Group Marketing
karri.brewster-palts@inbank.ee
+372 5565 5500