In comparison with Q3 2016, the volume of Inbank’s loan portfolio increased by 42.1 percent and the volume of the deposit portfolio by 22.9 percent.
Inbank’s sales in Q3 amounted to 20.2 million, which is 32.5% more YOY. Sales amounted to 15.6 million in Estonia, 2.4 million in Latvia and 2.3 million in Poland.
In Q3, Inbank sold 30% of its holding in Veriff. Veriff is a start-up that offers online authentication services, which was co-founded by Inbank. The holding of Inbank in the company after the transaction is 21.68 percent.
A transaction consisting of several stages, in the course of which Inbank sold its associated companies Coop Finants AS and Krediidipank Finants AS, was completed in Q3. The proceeds of the sale were invested in Coop Bank, which started operating under a new name. This is why the results of former associated companies Coop Finants and Krediidipank Finants are no longer recognised in the reports of Inbank.
Important financial indicators as of 30 September 2017
- Balance sheet total 108.9 million euros
- Loan portfolio 86.4 million euros
- Deposits 78.3 million euros
- Consolidated profit 7.28 million euros
- Equity 21.8 million euros
- Net return on equity 57.9%
Condensed consolidated statement of profit and loss and other comprehensive income
| EURt | |||||||||
| Q3 2017 | 9 months 2017 | Q3 2016 | 9 months 2016 | ||||||
| Continuing operations | |||||||||
| Interest income | 3 382 | 9 378 | 2 741 | 6 902 | |||||
| Interest expense | -496 | -1 472 | -372 | -931 | |||||
| Net interest income | 2 886 | 7 906 | 2 369 | 5 971 | |||||
| Fee income | 226 | 622 | 158 | 419 | |||||
| Fee expense | -155 | -439 | -96 | -249 | |||||
| Net fee and commission income | 71 | 183 | 62 | 170 | |||||
| Other operating income | 66 | 319 | 131 | 444 | |||||
| Total net interest, fee and other income | 3 023 | 8 408 | 2 562 | 6 585 | |||||
| Staff costs | -1 029 | -2 908 | -699 | -1 779 | |||||
| Marketing expenses | -192 | -680 | -161 | -392 | |||||
| Administrative expenses | -437 | -1 145 | -214 | -631 | |||||
| Depreciations, amortisation | -53 | -157 | -44 | -135 | |||||
| Total operating expenses | -1 711 | -4 890 | -1 118 | -2 937 | |||||
| Profit before impairment losses on loans | 1 312 | 3 518 | 1 444 | 3 648 | |||||
| Share of profit from affiliates | 1 123 | 6 188 | 239 | 512 | |||||
| Impairment losses on loans | -924 | -2 655 | -1 101 | -2 503 | |||||
| Profit before income tax | 1 511 | 7 051 | 582 | 1 657 | |||||
| Deferred income tax | 70 | 221 | 6 | 23 | |||||
| Net profit for the reporting period | 1 581 | 7 272 | 588 | 1 680 | |||||
| Other comprehensive income/loss | |||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||
| Unrealised foreign exchange gains/losses | 19 | 6 | 0 | 0 | |||||
| Total comprehensive income for the reporting period | 1 600 | 7 278 | 588 | 1 680 | |||||
| Profit is attributable to | |||||||||
| Owners of the parent | 1 553 | 7 271 | 599 | 1 712 | |||||
| Non-controlling interest | 28 | 1 | -11 | -32 | |||||
| Profit for the reporting period | 1 581 | 7 272 | 588 | 1 680 | |||||
| Total comprehensive income/loss is attributable to | |||||||||
| Owners of the parent | 1 571 | 7 277 | 599 | 1 712 | |||||
| Non-controlling interest | 29 | 1 | -11 | -32 | |||||
| Total comprehensive income for the reporting period | 1 600 | 7 278 | 588 | 1 680 | |||||
Condensed consolidated statement of financial position
| EURt | |||||
| 30.09.2017 | 31.12.2016 | ||||
| Assets | |||||
| Cash in hand | 4 | 4 | |||
| Due from central banks, including mandatory reserve | 7 613 | 14 680 | |||
| Due from credit institutions | 4 817 | 1 956 | |||
| Loans to and receivables from customers | 86 411 | 64 839 | |||
| Investments in affiliates | 7 791 | 1 | |||
| Tangible assets | 198 | 183 | |||
| Intangible assets | 799 | 902 | |||
| Other financial assets | 45 | 43 | |||
| Other assets | 237 | 214 | |||
| Deferred tax assets | 1 012 | 449 | |||
| Assets held for sale | 0 | 1 672 | |||
| Total assets | 108 927 | 84 943 | |||
| Customer deposits | 78 290 | 64 587 | |||
| Other financial liabilities | 1 266 | 1 034 | |||
| Other liabilities | 1 034 | 722 | |||
| Income tax liability | 0 | 321 | |||
| Subordinated debt securities | 6 480 | 6 475 | |||
| Total liabilities | 87 070 | 73 139 | |||
| Equity | |||||
| Share capital | 782 | 689 | |||
| Share premium | 9 068 | 6 361 | |||
| Statutory reserve capital | 57 | 57 | |||
| Other reserves | 1 390 | 1 361 | |||
| Retained earnings | 10 536 | 3 330 | |||
| Total equity attributable to the shareholders of parent company | 21 833 | 11 798 | |||
| Non-controlling interest | 24 | 6 | |||
| Total equity | 21 857 | 11 804 | |||
| Total liabilities and equity | 108 927 | 84 943 | |||
Inbank, which started operating as a bank in 2015, offers services via its internet bank and a partner network. Inbank operates on the consumer financing markets of Estonia, Latvia and Poland. Inbank also receives international deposits from the German and Austrian markets.
Kristin Pihu
Inbank AS
Marketing and Communication Specialist
+327 5348 2436
kristin.pihu@inbank.ee
