Published: 2020-02-20 07:00:00 CET
Inbank
Quarterly report

Inbank Unaudited Financial Results for Q4 and Full Year 2019

ANNOUNCEMENT
20.02.2020
Inbank AS

Inbank Unaudited Financial Results for Q4 and Full Year 2019 

In Q4 2019 Inbank earned a net profit of 3.4 million euros and the 2019 annual profit reached the 10.0 million euro threshold. Annual return on equity was 23.9%. 

  • The Q4 net profit grew 13% compared to Q4 2018, when Inbank reported a net profit of 3.1 million euros. The annual net profit for 2019 was 10.0 million euros, which is 8% more than the previous year.
  • Inbank’s loan portfolio increased 50% compared to Q4 2018 reaching 338 million euros. At the same time, the deposit portfolio grew 57%, reaching 378 million euros at year end.
  • Total sales for Q4 was 85 million euros showing an increase of 39% compared to Q4 of the previous year. In terms of growth, the largest market continues to be Poland with 18 million euros (+173%), followed by Lithuania with 29 million (+28%), Estonia with 24 million (+22%) and Latvia with 14 million euros (+17%).
  • Annual sales volume in 2019 was 305 million euros; that is, 46% more year-on-year. Sales figures by market were the following: Lithuania 102 million, Estonia 94 million, Poland 55 million and Latvia 53 million euros.
  • By the end of Q4, the number of active contracts reached 550,000 growing 23% year on year. 

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

“Inbank continues to be a profitable high-growth company. Our annual net profit reached 10 million euros in 2019, increasing 8% compared to 2018. Taking into account a significantly larger proportion of non-recurring profit in 2018, we consider this a very good result. 

Inbank grew well in all markets in 2019 and especially in Poland, where business volumes increased almost five times from 12 million to 55 million euros. The share of the Polish volumes in our total sales increased from 6% to 18%.

In addition, many strategic projects were realised both in product development and other areas: we launched a new payment method – Slice – in cooperation with Maksekeskus, simplified our legal structure, listed Tier 2 bonds on the stock exchange, opened a branch in Lithuania and sold our remaining shareholding in Coop Pank”. 

Key Financial Indicators 31.12.2019

Total assets EUR 463 million
Loan portfolio  EUR 338 million
Deposit portfolio EUR 378 million
Net profit EUR 10 million
Total equity EUR 47 million
Return on equity 23.9%


Income Statement (in thousands of euros)


 Q4 2019Q4 201820192018
Interest income10 5777 84837 56023 633
Interest expense-1 909-1 211-6 380-3 760
Net interest income8 6686 63731 18019 873
     
Fee income278180965703
Fee expense-481-371-1 742-1 091
Net fee and commission income-203-191-777-388
     
Net gains from financial assets measured at fair value20407431 204
Other operating income307214885666
Total net interest, fee and other income8 9766 66032 03121 355
     
Personnel expenses-2 128-1 761-8 026-5 795
Marketing expenses-896-647-2 583-1 592
Administrative expenses-1 345-982-4 084-2 814
Depreciations, amortisation-389-161-1 301-445
Total operating expenses-4 758-3 551-15 994-10 646
     
Profit before profit from associates and impairment losses on loans4 2183 10916 03710 709
     
Share of profit from associates72007201 986
Impairment losses on loans and advances-1 204401-6 049-2 686
Profit before income tax3 7343 51010 70810 009
     
Income tax-290-459-698-733
Profit for the period3 4443 05110 0109 276
incl. Shareholders of parent company3 4443 04810 0109 262
incl. Non-controlling interest03014
     
Other comprehensive income that may be reclassified subsequently to profit or loss    
Currency translation differences-13521-5373
Total comprehensive income for the period3 3093 0729 9579 349
incl. Shareholders of parent company3 3093 0699 9579 335
incl. Non-controlling interest03014


Consolidated statement of financial position (in thousands of euros)


 31/12/201931/12/2018
Assets  
Cash in hand04
Due from central banks83 08064 620
Due from credit institutions20 65513 700
Financial assets at fair value through profit and loss04 600
Loans and advances 338 157225 639
Investments in associates3 27697
Tangible assets840545
Right of use asset7730
Intangible assets11 7217 697
Other financial assets1 69264
Other assets588514
Deferred tax asset1 985564
Total Assets462 767318 044
   
Liabilities  
Loan from credit institution010 429
Customer deposits377 518240 175
Other financial liabilities13 5458 776
Other liabilities2 8372 654
Debt securities issued4 01010 017
Subordinated debt securities17 5379 528
Total liabilities415 447281 579
   
Equity  
Share capital903874
Share premium15 90815 053
Statutory reserve capital8879
Other reserves1 4631 401
Retained earnings28 95819 018
Non-controlling interest040
Total Equity47 32036 465
   
Total liabilities and equity462 767318 044


Inbank is a consumer finance focused digital bank active in the Baltics and Poland with additional deposits accepted in Germany, Austria and the Netherlands. Inbank has over 2,000 active partners and 550,000 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

Attachment


Inbank Interim Report 12 Months 2019_ENG.pdf