Börsiteade
AS Inbank
LEI kood
2138005M92IEIQVEL297
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Sektor(id)
Krediidiasutus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
7324
Manused
Esitamise kuupäev ja aeg
29.05.2019 08:55:00
Teate sisu inglise keeles
Pealkiri
Financial results of Inbank AS for Q1 2019
Teade
Inbank's sales increased significantly in all four home markets in Q1 2019, growing by 46% year-on-year. Loan portfolio of the Group increased annually by 150% and deposit portfolio by 173%. Net profit in the first quarter reached EUR2 million. By comparison, same figure in the first three months of 2018 was EUR3.9 million, which resulted from two one- off transactions: selling of Veriff shares and reducing the stake in Coop Pank. "However, if these one-off effects are eliminated and the Q1 2018 result of Mokilizingas is taken into account, profit growth from comparable operating activities would be 102%" said Jan Andresoo, Chairman of the Management Board of Inbank. At the end of the first quarter, Inbank's loan portfolio reached EUR246 million while deposit portfolio surpassed EUR276 million. "Loan portfolio increased by 9% and deposit portfolio by 15% on a quarterly basis, which confirms that the economic activities of Inbank as a specialised bank rest on a firm foundation and demonstrate strong growth," noted Andresoo. "Our sales figures exhibited solid growth in all of our markets. Most importantly, there was a significant increase in business volumes in Poland, where the quarterly sales increased by 450% year-on-year, reaching EUR8.2 million," commented Jan Andresoo. "Sales growth was 38% in Estonia, and 26% in Lithuania and Latvia," he added. The most important project in the first quarter highlighted by Andresoo was the preparatory work done for opening an Inbank branch in Lithuania. "We have submitted all required documents to the Financial Supervision Authority and are ready to go ahead with the official procedure of opening the branch," he added. One of the most important new products launched in the Estonian market was the car exchange loan in cooperation with auto24. The loan allows the consumer to purchase a new car without having to hurry with the sale of their old car. "We can see that the Estonian car financing market has significant growth potential. A product that is targeted at the consumer currently selling their car helps us to add a new target group into our client portfolio," commented Andresoo. Key financial indicators of Inbank as at 31 March 2019 * Total assets - EUR340.7 million * Loan portfolio - EUR245.6 million * Deposit portfolio - EUR276.5 million * Profit - EUR2.0 million * Equity - EUR38.4 million * Return on equity - EUR21.9% Condensed consolidated statement of profit and loss and other comprehensive income EURt Q1 2019 3 months 2019 Q1 2018 3 months 2018 ------------------------------------------------------------------------------- Interest income 8 155 8 155 3 797 3 797 Interest expense -1 390 -1 390 -571 -571 ------------------------------------------------------------------------------- Net interest income 6 765 6 765 3 226 3 226 ------------------------------------------------------------------------------- Fee income 204 204 161 161 Fee expense -375 -375 -154 -154 ------------------------------------------------------------------------------- Net fee and commission income -171 -171 7 7 ------------------------------------------------------------------------------- Net gains from financial assets measured at fair value 0 0 1 204 1 204 Other operating income 245 245 84 84 ------------------------------------------------------------------------------- Total net interest, fee and other income 6 839 6 839 4 521 4 521 ------------------------------------------------------------------------------- Personnel expenses -1 856 -1 856 -1 211 -1 211 Marketing expenses -391 -391 -126 -126 Administrative expenses -799 -799 -466 -466 Depreciations, amortisation -277 -277 -67 -67 ------------------------------------------------------------------------------- Total operating expenses -3 323 -3 323 -1 870 -1 870 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Profit before profit from associates and impairment losses on loans 3 516 3 516 2 651 2 651 ------------------------------------------------------------------------------- Share of profit from associates 0 0 1 986 1 986 Impairment losses on loans and advances -1 195 -1 195 -852 -852 ------------------------------------------------------------------------------- Profit before income tax 2 321 2 321 3 785 3 785 ------------------------------------------------------------------------------- Income tax -299 -299 103 103 ------------------------------------------------------------------------------- Profit for the period 2 022 2 022 3 888 3 888 ------------------------------------------------------------------------------- Other comprehensive income/loss Items that may be reclassified subsequently to profit or loss Currency translation differences -1 -1 20 20 ------------------------------------------------------------------------------- Total comprehensive income for the period 2 021 2 021 3 908 3 908 ------------------------------------------------------------------------------- Net profit attributable to Shareholders of parent company 2 022 2 022 3 885 3 885 Non-controlling interest 0 0 3 3 ------------------------------------------------------------------------------- Profit for the reporting period 2 022 2 022 3 888 3 888 ------------------------------------------------------------------------------- Total comprehensive income/loss is attributable to Shareholders of parent company 2 021 2 021 3 905 3 905 Non-controlling interest 0 0 3 3 ------------------------------------------------------------------------------- Total comprehensive income for the reporting period 2 021 2 021 3 908 3 908 ------------------------------------------------------------------------------- Condensed consolidated statement of financial position EURt 31.03.2019 31.12.2018 ------------------------------------------------------------------------------- Assets Cash in hand 4 4 Due from central banks 66 289 64 620 Due from credit institutions 13 312 13 700 Financial assets at fair value through profit and loss 4 600 4 600 Loans and advances 245 563 225 639 Investments in associates 97 97 Tangible assets 581 545 Right of use asset 992 0 Intangible assets 8 073 7 697 Other financial assets 63 64 Other assets 546 514 Deferred tax asset 564 564 ------------------------------------------------------------------------------- Total assets 340 684 318 044 ------------------------------------------------------------------------------- Loan from credit institution 0 10 429 Customer deposits 276 460 240 175 Other financial liabilities 10 264 8 776 Other liabilities 2 039 2 654 Debt securities issued 4 009 10 017 Subordinated debt securities 9 535 9 528 ------------------------------------------------------------------------------- Total liabilities 302 307 281 579 ------------------------------------------------------------------------------- Equity Share capital 874 874 Share premium 15 053 15 053 Statutory reserve capital 88 79 Other reserves 1 410 1 401 Retained earnings 20 952 19 018 ------------------------------------------------------------------------------- Total equity attributable to the shareholders of parent company 38 377 36 425 ------------------------------------------------------------------------------- Non-controlling interest 0 40 ------------------------------------------------------------------------------- Total equity 38 377 36 465 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Total liabilities and equity 340 684 318 044 ------------------------------------------------------------------------------- Inbank is an Estonian consumer finance focused bank which also operates in Latvia, Lithuania and Poland, and receives deposits from Germany, Austria and the Netherlands. Inbank has more than 1,500 active partners and over 478,000 active customer contracts. Inbank's bonds are listed on the Nasdaq Tallinn Stock Exchange on the Baltic Bond List. Further information: Kristin Pihu Inbank AS Head of Marketing and Communication [email protected] (mailto:[email protected]) +372 5348 2436