Market announcement
AS Inbank
LEI code
2138005M92IEIQVEL297
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
This announcement has been corrected.
Corrected version
CORRECTION: Inbank unaudited financial results for Q3 and 9 months 2024
Categories
Other corporate action
Unique data record identifier
16628
Submission date and time
07.11.2024 08:00:00
Content of announcement in Estonian
Title
Inbanki 2024. aasta kolmanda kvartali ja 9 kuu auditeerimata majandustulemused
Message
Inbanki 2024. aasta kolmanda kvartali ja 9 kuu auditeerimata majandustulemused
Inbanki 2024. aasta kolmanda kvartali konsolideeritud puhaskasum oli 3,1
miljonit eurot, mis on aastatagusega võrreldes 7% enam. Aasta esimese üheksa kuu
kasum ulatus 10,8 miljoni euroni, mis on 46% rohkem kui aasta tagasi.
Omakapitali tootlus oli kolmandas kvartalis 8,8% ja aasta üheksa esimese kuu
jooksul 10,9%.
* Laenude ja renditeenuste portfell kasvas aastaga 14,2% ning ulatus teise
kvartali lõpus 1,11 miljardi euroni. Hoiuseportfell kasvas 1,16 miljardi
euroni, mis on 14% rohkem kui aasta tagasi. Kolmanda kvartali lõpu seisuga
oli Inbanki varade maht 1,43 miljardit eurot.
* Kolmanda kvartali müügimaht kasvas rekordilise 184 miljoni euroni, mis on
4% enam kui eelmises kvartalis ja aastataguse kvartaliga võrreldes 1%. Samal
ajal kasvas Inbanki puhas intressitulu eelmise aasta sama perioodiga
võrreldes 25%, kajastades ettevõtte tugevaid põhitulemusi.
* Autode finantseerimise portfelli müügimaht kasvas aastaga 42% ning ulatus
kolmandas kvartalis 64 miljoni euroni - sellega on autode finantseerimisest
saanud Inbanki suurim tootesegment.
* Kõik ülejäänud tootesegmendid näitasid kolmandas kvartalis üsna samasuguseid
müügimahte nagu eelmisel aastal, välja arvatud kaupmeeste
finantseerimislahenduste müük, mis ulatus 61 miljoni euroni olles 15% vähem
kui aasta tagasi. Selle põhjuseks oli strateegiline ümberhinnastamine Poolas
ja Leedus.
* Inbanki jaelaenude portfelli sisemine intressimäär (EIR) paraneb jätkuvalt
tänu viimase kahe aasta hinnamuutustele. Kolmandas kvartalis oli see
11,21%, mis on 0,41% kõrgem kui aasta tagasi.
* Kolmandas kvartalis vähenes laenude allahindluse kogukulu 1,5%-ni
laenuportfellist. Aasta esimesel üheksal kuul oli laenude allahindluse
kogukulu samuti 1,5%, mis on Inbanki pikaajalisest keskmisest madalam.
* Kolmanda kvartali lõpus oli Inbankil 881 000 aktiivset kliendilepingut ja
6 200 aktiivset partnerit.
Tulemusi kommenteerib Inbanki juhatuse esimees Priit Põldoja:
"Inbanki finantstulemused olid ka kolmandas kvartalis head ja tulud kasvasid
stabiilselt. Võrreldes eelmise aastaga kasvas kolmandas kvartalis Inbanki puhas
intressitulu 25% ja kogutulu 16%. Kuna Inbank kasutab intressimäära riskide
maandamiseks finantsinstrumente, avaldas kolmanda kvartali tuludele negatiivset
mõju nende instrumentide õiglase väärtuse allahindlus 1,2 miljoni euro võrra.
Aasta esimese kahe kvartali jooksul teenis ettevõte samadest instrumentidest
kasumit.
Autode finantseerimises saavutasime jätkuvalt väga häid tulemusi - selle
segmendi müügimaht oli 64 miljonit eurot, mis on 42% rohkem kui aasta tagasi.
Autode finantseerimisest on saanud nüüd Inbanki suurim segment nii müügi kui ka
portfelli poolest. Müügitulemused olid teistes tootesegmentides stabiilsed,
näidates samasuguseid müügimahte nagu eelmisel aastal.
Ettevõtte kasvu toetamiseks kaasas Inbank augustis 10,14 miljonit eurot
omakapitali. Kapitali kaasamise juhtivinvestoriks olid Swedbanki pensionifondid
ja kokku osales 52 investorit.
Kvartali jooksul müüs Inbank Swedbank AB-le oma 21% suuruse osaluse
finantstehnoloogia idufirmas Paywerk. Selle tehingu tulemuseks oli kvartali
erakorraline kasum 0,7 miljonit eurot. Kuigi Paywerk ei saavutanud edu eraldi
ettevõttena, on hea meel näha, et juhtiv piirkondlik jaepank hindab meie
meeskonna välja töötatud tehnoloogiat.
Kolmandas kvartalis tõime Leedus iDeali kauplustes turule Apple'i toodete
renditeenuse Smart Rent, mille järel on teenus nüüd saadaval kõigis kolmes Balti
riigis. Samuti alustasime koostööd Tshehhi suurima elektroonikamüüjaga Datart.
Inbanki finantstulemused on 2024. aastal jätkuvalt paranenud. Kui
intressiootuste järsk muutus tõi kolmandas kvartalis kaasa nõrgemad tulemused,
siis Inbanki edasistele majandustulemustele mõjub intresside langus soodsalt.
Usume, et meie integreeritud finantseerimislahenduste suurepärane kvaliteet ja
langevad intressimäärad toetavad oluliselt Inbanki kasvuambitsioone järgnevatel
kvartalitel ja aastatel."
Olulisemad finantsnäitajad 30.09.2024 seisuga ja 3. kvartalis
Varade maht: 1,43 miljardit eurot
Laenude ja renditeenuste portfell: 1,11 miljardit eurot
Hoiuseportfell: 1,16 miljardit eurot
Omakapital: 146,2 miljonit eurot
Puhaskasum: 3,1 miljonit eurot
Omakapitali tootlus: 8,8%
Konsolideeritud kasumiaruanne (tuhandetes eurodes)
III III kvartal
kvartal 2023* 9 kuud 9 kuud 2023
2024 korrigeeritud 2024 korrigeeritud
Intressitulu sisemise
intressimäära meetodil 30,870 26,014 88,946 71,474
Intressikulu -13,603 -12,164 -40,287 -32,490
Neto intressitulu 17,267 13,850 48,659 38,984
Komisjoni- ja
teenustasutulu 98 118 315 359
Komisjoni- ja
teenustasukulu -1,268 -1,066 -3,637 -3,062
Neto teenustasutulu/kulu -1,170 -948 -3,322 -2,703
Tulu renditeenustest 8,123 6,275 23,431 17,036
Eelnevalt klientidele
renditud varade müük 3,992 3,755 12,114 10,584
Muud põhitegevusega
seotud tulud 328 191 804 549
Renditeenuste osutamiseks
tehtud kulud -5,252 -4,063 -15,378 -11,088
Eelnevalt klientidele
renditud müüdud varade
kulu -3,949 -3,059 -11,685 -9,253
Neto põhitegevustega
seotud tulud/kulud 3,242 3,099 9,286 7,828
Netokahjum/kasum õiglases
väärtuses kajastatavatelt
finantsvaradelt -1,372 110 -177 76
Valuutakursi
ümberhindluse
kasumid/kahjumid 164 -501 382 -213
Neto kasum/kahjum
finantsinstrumentidelt -1,208 -391 205 -137
Neto intressi- ja
teenustasutulu ning muud
tulud ja kulud kokku 18,131 15,610 54,828 43,972
Tööjõukulud -5,033 -3,981 -14,726 -12,152
Turunduskulud -849 -753 -2,186 -2,418
Halduskulud -3,259 -2,955 -9,284 -8,073
Põhivara kulum -1,932 -1,629 -5,706 -4,601
Tegevuskulud kokku -11,073 -9,318 -31,902 -27,244
Kasum sidusettevõtetelt 663 -72 663 322
Laenude allahindluse kulu -3,832 -3,354 -11,158 -9,968
Aruandeperioodi kasum
enne tulumaksu 3,889 2,866 12,431 7,082
Tulumaks -796 34 -1,597 344
Aruandeperioodi kasum 3,093 2,900 10,834 7,426
Kirjed, mida võib
edaspidi klassifitseerida
kasumiaruandesse
Realiseerimata kursivahed -15 324 -272 -12
Aruandeperioodi
koondkasum 3,078 3,224 10,562 7,414
Konsolideeritud finantsseisundi aruanne (tuhandetes
eurodes)
9/30/24 12/31/23 30.09.2023 korrigeeritud
Varad
Raha ja raha ekvivalendid 192,998 172,921 150,701
Kohustuslikud reservid
keskpankades 23,910 21,020 18,593
Investeeringud võlakirjadesse 35,236 33,581 31,164
Finantsvarad õiglases väärtuses
muutustega läbi kasumiaruande 15 79 119
Laenud ja nõuded 1,021,059 942,056 895,610
Investeeringud sidusettevõtetesse 0 141 213
Muud finantsvarad 3,512 5,268 2,958
Materiaalsed varad 84,064 75,206 67,458
Vara kasutusõigus 21,603 26,716 24,810
Immateriaalsed varad 32,081 30,906 29,263
Muud varad 8,876 8,185 10,974
Edasilükkunud tulumaksu vara 4,758 4,505 4,066
Varad kokku 1,428,112 1,320,584 1,235,929
Kohustised
Klientide hoiused 1,164,182 1,081,566 1,021,106
Finantskohustised õiglases
väärtuses muutustega läbi
kasumiaruande 374 50 6
Muud finantskohustised 60,086 60,927 59,488
Tulumaksukohustis 696 311 138
Edasilükkunud tulumaksu kohustis 482 204 203
Muud kohustised 4,075 3,691 3,412
Allutatud võlaväärtpaberid 52,028 49,745 41,708
Kohustised kokku 1,281,923 1,196,494 1,126,061
Omakapital
Aktsiakapital 1,152 1,086 1,026
Ülekurss 54,656 43,563 31,855
Kohustuslik reservkapital 109 103 103
Muud reservid 1,344 1,543 1,865
Jaotamata kasum 88,928 77,795 75,019
Omakapital kokku 146,189 124,090 109,868
Kohustised ja omakapital kokku 1,428,112 1,320,584 1,235,929
Inbank on Euroopa Liidu panganduslitsentsiga finantstehnoloogia ettevõte, mis
ühendab kaupmehi, tarbijaid ja finantsasutusi järgmise põlvkonna embedded
finance platvormil. Koostöös 6 200 kaupmehega on Inbankil 881 000+ aktiivset
lepingut ja hoiuseid kogutakse seitsmes Euroopa riigis. Inbanki võlakirjad on
noteeritud Nasdaq Tallinna börsil.
Lisainfo:
Merit Arva
Inbank AS
kommunikatsioonijuht
[email protected]
+372 553 3550
Content of announcement in English
Title
Inbank unaudited financial results for Q3 and 9 months 2024
Message
Inbank unaudited financial results for Q3 and 9 months 2024
In Q3 2024 Inbank earned a consolidated net profit of 3.1 million euros,
increasing 7% year-on-year. Profit for the first nine months of 2024 reached
10.8 million euros, marking a 46% increase compared to the previous year. The
return on equity (ROE) in Q3 stood at 8.8% and for the first nine months of the
year 10.9%.
* Loan and rental portfolio increased by 14.2% year-on-year, reaching 1.11
billion euros. The deposit portfolio grew by 14% compared to a year ago,
totaling 1.16 billion euros. At the end of Q3, Inbank's total assets stood
at 1.43 billion euros.
* The Gross Merchandise Value (GMV) for the third quarter reached a record
184 million euros, which is 4% higher than the previous quarter and 1%
compared to the previous year. Net interest income grew by 25% compared to
last year, reflecting a strong underlying performance.
* Auto marketplaces and dealers portfolio, now Inbank's largest segment,
increased in the third quarter by 42% year-on-year reaching 64 million euros
of GMV.
* All other product segments maintained similar GMV in the third quarter
compared to last year, except for merchant solutions sales which decreased
by 15% compared to last year, amounting to 61 million euros of GMV due to
strategic repricing efforts in Poland and Lithuania.
* Inbank's retail portfolio Effective Interest Rate (EIR) continued to improve
and reached in Q3 11.21% which is 0.41% higher than a year ago, driven by
repricing efforts over the past two years.
* In Q3, impairment losses were 1.5% of the loan portfolio. For the first nine
months, the ratio stood at 1.5%, which is below Inbank's long-term average.
* By the end of Q3, Inbank had 881,000 active contracts and 6,200 active
merchant partners.
Priit Põldoja, Chairman of the Management Board, comments on the results:
"During the third quarter, Inbank continued to deliver strong results and steady
revenue growth. Inbank's net interest income grew by 25% and total net income
grew by 16% for the quarter compared to last year. Our Q3 revenue was negatively
impacted by a 1.2 million euro fair value adjustment on financial instruments
used to manage interest rate risks. During the first two quarters of the year,
the company made a fair value gain on the same instruments.
Auto marketplaces and dealers financing continued to show very strong results
during the third quarter, reaching 64 million euros of GMV, which is 42% more
than a year ago, becoming now Inbank's largest segment in terms of sales and
portfolio. Sales results were stable across product segments showing similar
sales volumes compared to last year.
To support Inbank's growth plans, Inbank raised 10.14 million euros of equity in
August. The lead investor was Swedbank pension funds, and the round was
supported by 52 investors in total.
During the quarter, Inbank sold its 21% stake in financial technology start-up
Paywerk to Swedbank AB. This transaction resulted in 0.7 million euros of
extraordinary profit for the quarter. While Paywerk did not succeed as a stand-
alone company, we are excited to see that the technology our team developed is
valued by a leading regional retail bank.
During the third quarter, we launched the Smart Rent service for renting Apple
products in iDeal stores in Lithuania, making the service now available in all
three Baltic countries. We also started cooperation with the largest electronics
retailer Datart in Czechia.
Inbank's financial performance has continued to improve throughout 2024.
Although sudden changes in interest expectations resulted in weaker Q3 results,
the current decline in the interest rate environment is expected to benefit our
financial performance going forward. The superiority of our embedded finance
solutions coupled with the declining interest rate environment will greatly
support Inbank's growth ambitions in the upcoming quarters and years."
Key financial indicators as of 30.09.2024 and for Q3
Total assets EUR 1.43 billion
Loan and rental portfolio EUR 1.11 billion
Deposit portfolio EUR 1.16 billion
Equity EUR 146.2 million
Net profit EUR 3.1 million
Return on equity 8.8%
Consolidated income statement (in thousands of euros)
Q3 2024* 9 months 2023
Q3 2024 restated 9 months 2024 restated
Interest income based
on EIR 30,870 26,014 88,946 71,474
Interest expense -13,603 -12,164 -40,287 -32,490
Net interest income 17,267 13,850 48,659 38,984
Fee and commission
income 98 118 315 359
Fee and commission
expenses -1,268 -1,066 -3,637 -3,062
Net fee and commission
income/expenses -1,170 -948 -3,322 -2,703
Income from rental
services 8,123 6,275 23,431 17,036
Sale of assets
previously rented to
customers 3,992 3,755 12,114 10,584
Other operating income 328 191 804 549
Cost of rental services -5,252 -4,063 -15,378 -11,088
Cost of assets sold
previously rented to
customers -3,949 -3,059 -11,685 -9,253
Net operating
income/expenses 3,242 3,099 9,286 7,828
Net gains/losses from
financial assets
measured at fair value -1,372 110 -177 76
Foreign exchange rate
gain/losses 164 -501 382 -213
Net gain/losses from
financial items -1,208 -391 205 -137
Total net interest, fee
and other income and
expenses 18,131 15,610 54,828 43,972
Personnel expenses -5,033 -3,981 -14,726 -12,152
Marketing expenses -849 -753 -2,186 -2,418
Administrative expenses -3,259 -2,955 -9,284 -8,073
Depreciations,
amortization -1,932 -1,629 -5,706 -4,601
Total operating
expenses -11,073 -9,318 -31,902 -27,244
Share of profit from
associates 663 -72 663 322
Impairment losses on
loans and receivables -3,832 -3,354 -11,158 -9,968
Profit before income
tax 3,889 2,866 12,431 7,082
Income tax -796 34 -1,597 344
Profit for the period 3,093 2,900 10,834 7,426
Other comprehensive
income that may be
reclassified
subsequently to profit
or loss
Currency translation
differences -15 324 -272 -12
Total comprehensive
income for the period 3,078 3,224 10,562 7,414
Consolidated statement of financial position (in thousands
of euros)
9/30/24 12/31/23 30.09.2023 restated
Assets
Cash and cash equivalents 192,998 172,921 150,701
Mandatory reserves at central banks 23,910 21,020 18,593
Investments in debt securities 35,236 33,581 31,164
Financial assets measured at fair
value through profit or loss 15 79 119
Loans and receivables 1,021,059 942,056 895,610
Investments in associates 0 141 213
Other financial assets 3,512 5,268 2,958
Tangible assets 84,064 75,206 67,458
Right of use assets 21,603 26,716 24,810
Intangible assets 32,081 30,906 29,263
Other assets 8,876 8,185 10,974
Deferred tax assets 4,758 4,505 4,066
Total assets 1,428,112 1,320,584 1,235,929
Liabilities
Customer deposits 1,164,182 1,081,566 1,021,106
Financial liabilities measured at fair
value through profit or loss 374 50 6
Other financial liabilities 60,086 60,927 59,488
Current tax liability 696 311 138
Deferred tax liability 482 204 203
Other liabilities 4,075 3,691 3,412
Subordinated debt securities 52,028 49,745 41,708
Total liabilities 1,281,923 1,196,494 1,126,061
Equity
Share capital 1,152 1,086 1,026
Share premium 54,656 43,563 31,855
Statutory reserve 109 103 103
Other reserves 1,344 1,543 1,865
Retained earnings 88,928 77,795 75,019
Total equity 146,189 124,090 109,868
Total liabilities and equity 1,428,112 1,320,584 1,235,929
Inbank is a financial technology company with an EU banking license that
connects merchants, consumers and financial institutions on its next generation
embedded finance platform. Partnering with 6,200 merchants, Inbank has 881,000+
active contracts and collects deposits across 7 markets in Europe. Inbank bonds
are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:
Merit Arva
Inbank AS
Head of Brand and Communications
[email protected]
+372 553 3550