Inbank reports a nine-month profit of 6.3 million euros
Inbank’s profit in the third quarter of 2018 was 1.5 million euros and in the first nine months of the year 6.3 million euros in total.
By the end of the third quarter, Inbank’s loan portfolio amounted to 199.5 million euros and the deposit portfolio to 187.2 million euros. In a yearly comparison, the loan portfolio grew by 130.9% and the deposit portfolio by 139.1%.
According to Inbank’s Chairman of the Management Board Jan Andresoo, the results were positive in all Inbank’s markets. “In the first nine months of the year, Inbank issued loans in the amount of 142.9 million euros, which was 68.4% more than at the same time last year. The results continued to be strong in Estonia, Latvia and Lithuania, and work in the Poland branch has begun to bring first tangible results,” said Andresoo.
Over the first nine months, the sales volume of credit products in Estonia was 52.5 million euros, in Latvia 29.9 million euros, in Lithuania 54.8 million euros and in Poland 5.7 million euros.
In addition to increased business volumes, the team of Inbank also gained strength in the third quarter. “In August, Ivar Kallast, who has lengthy experience in the field of banking, became Chief Risk Officer of the group-wide risk unit and the fifth member of Inbank’s Management Board. In September, the management of the Estonian business unit was taken over by Margus Kastein, who has twenty years of experience as a senior manager, and our team was also joined by Martina Põldvere, the former long-term HR manager at Playtech,” said Andresoo.
With the first nine months of the year, Inbank received deposits in the amount of 107.6 million euros: 87.9 million euros from Germany, 13.8 million euros from Estonia and 5.9 million euros from Poland.
Key financial indicators as at 30 September 2018
- Total assets 262.8 million euros
- Loan portfolio 199.5 million euros
- Volume of deposits 187.2 million euros
- Profit 6.3 million euros, Q3 profit 1.5 million euros
- Equity 33.4 million euros
- Net return on equity 30.3%
Inbank’s interim report for the third quarter of 2018 is available here.
Launched as a bank in 2015, Inbank provides services through its Internet bank and partner network. Inbank operates in the Estonian, Latvian, Lithuanian and Polish consumer financing market. In addition, Inbank raises international deposits from the German and Austrian market.