Inbank unaudited financial results for Q2 and 6 months of 2025

In Q2 2025, Inbank delivered record-breaking sales with an originated volume of 196 million euros, representing a 15% year-on-year increase. In the same period, Inbank earned a consolidated net profit of 3.6 million euros, declining 6% year-on-year. Net profit for the first half of 2025 was 8.1 million euros, which is 5% more than a year ago. The return on equity was 9.3% in Q2 and 10.8% for the half year of 2025.  Inbank’s total net income for the second quarter reached 20.7 million euros,...

• Inbank’s total net income for the second quarter reached 20.7 million euros, increasing 8.4% year-on-year. Income from core activities, excluding financial and other income, grew by 15.3% to 21.1 million euros compared to 18.3 million euros year-on-year. Total operating expenses amounted to 11.6 million euros, which is a 7.1% increase year-on-year. As a result, Inbank’s cost / income ratio improved to 55.9% for the quarter.
• In Q2 2025, Inbank delivered record-breaking sales with an originated volume of 196 million euros, which is 15% more than a year ago. The strong performance was primarily driven by high demand for green financing products in Poland and record-high direct lending volumes across all Inbank markets. 
• Green financing grew 86% compared to a year ago and reached 36.9 million euros during the quarter. Direct lending grew by 44%, reaching 32.1 million euros. Merchant solutions remained Inbank’s largest segment, with sales reaching 66.5 million euros, an increase of 3%. Car financing reached 47.1 million euros, showing signs of recovery following a challenging Q1, though remaining 10% below year-on-year. Rental services delivered 13.1 million euros, marking a 25% increase year-on-year. 
• The loan and rental portfolio reached 1.21 billion euros increasing 11.2% year-on-year, while the deposit portfolio grew by 4.9% to 1.23 billion euros. As of the end of Q2, Inbank’s total assets stood at 1.5 billion euros growing 5% year-on-year.
• Impairments on loans and receivables increased by 18.1% to 4.9 million euros and accounted for 1.64% of the average loan and rental portfolio, slightly exceeding our target. However, for the first half of the year, impairments remained within target at 1.59%
• By the end of Q2, the number of active customer contracts reached 931,000 and 5,700 active partners. 
  
  

Priit Põldoja, CEO, comments on the results:

“In the first half of 2025, Inbank’s growth has been more measured. While we achieved a record high originated volume this quarter and are likely to surpass it in coming periods, we have maintained a disciplined approach to growth opportunities. Inbank’s market share continues to expand across the Baltics. By the end of 2024, we reached 20.3% market share in consumer lending in Estonia. As interest rates decline, our margins continue to improve. However, to continue on our profitable growth path, we need to explore new niches in a €50bn Polish consumer finance market beyond our successful solar panel business and build our presence in Czechia. The last quarter marked a step in that direction, with record sales of 78 million euros in the Central and Eastern Europe (CEE) region.

Inbank continues to grow not only geographically, but also by expanding its product offerings. In the last quarter, we launched payment protection insurance in Latvia and Lithuania, completing our presence with this product across all Baltic countries. Expanding our range of fee-based products for our large customer base remains an important strategic focus for Inbank.

In early Q2, Inbank strengthened its Supervisory Board by appointing Erkki Raasuke as independent Chairman and welcoming two new members: Isabel Faragalli, a seasoned debt capital markets professional, and Sergei Anikin, an experienced tech leader. We look forward to working with the new Board to drive Inbank’s European embedded finance growth strategy in the years ahead.”

Key financial indicators as of 30.06.2025
Total assets EUR 1.50 billion
Loan and rental portfolio EUR 1.21 billion
Customer deposits EUR 1.23 billion
Total equity EUR 156 million
Net profit EUR 3.6 million
Return on equity 9.3%

Consolidated income statement (in thousands of euros)

	Q2 2025	Q2 2024	6 months 2025	6 months 2024
Interest income calculated using effective interest method	31,766	29,308	63,039	58,076
Interest expense	-13,295	-13,072	-26,608	-26,684
Net interest income	18,471	16,236	36,431	31,392
Fee and commission income	15	106	22	217
Fee and commission expenses	-881	-1,183	-2,113	-2,369
Net fee and commission income/expenses	-866	-1,077	-2,091	-2,152
Rental income	9,524	8,159	18,673	15,308
Sale of assets previously rented to customers	4,307	3,539	8,268	8,122
Other operating income	8	137	19	476
Depreciation of rental assets	-4,559	-3,469	-8,821	-6,800
Other operating expenses	-1,669	-1,868	-3,352	-3,326
Cost of assets sold previously rented to customers	-4,053	-3,386	-7,696	-7,736
Net rental income/expenses	3,558	3,112	7,091	6,044
Net gains/losses from financial assets measured at fair value	-463	305	-19	1,195
Foreign exchange rate gain/losses	39	557	58	218
Net gain/losses from financial items	-424	862	39	1,413
Total net income	20,739	19,133	41,470	36,697
Personnel expenses	-5,759	-4,922	-11,369	-9,693
Marketing expenses	-1,034	-704	-1,887	-1,337
Administrative expenses	-3,066	-3,187	-6,028	-6,025
Depreciation, amortization	-1,739	-2,018	-3,402	-3,774
Total operating expenses	-11,598	-10,831	-22,686	-20,829
Impairment losses on loans and receivables	-4,875	-4,127	-9,345	-7,326
Profit before income tax	4,266	4,175	9,439	8,542
Income tax expense	-702	-398	-1,344	-801
Profit for the period	3,564	3,777	8,095	7,741
Other comprehensive income that may be reclassified subsequently to profit or loss
Currency translation differences	-32	-277	-139	-257
Total comprehensive income for the period	3,532	3,500	7,956	7,484

Consolidated statement of financial position (in thousands of euros)

	30.06.2025	31.12.2024
Assets
Cash and cash equivalents	162,628	153,191
Mandatory reserves at central banks	26,687	25,156
Investments in debt securities	47,447	46,724
Financial assets measured at fair value through profit or loss	0	27
Loans and receivables	1,088,936	1,041,542
Other financial assets	5,829	4,569
Tangible fixed assets	102,110	98,069
Right of use assets	21,241	20,551
Intangible assets	32,557	31,560
Other assets	6,706	9,718
Deferred tax assets	5,218	4,707
Total assets	1,499,359	1,435,814
Liabilities
Customer deposits	1,233,383	1,171,359
Financial liabilities measured at fair value through profit or loss	687	503
Other financial liabilities	63,050	59,135
Current tax liability	529	62
Deferred tax liability	878	533
Other liabilities	4,242	4,620
Subordinated debt securities	40,911	52,046
Total liabilities	1,343,680	1,288,258
Equity
Share capital	1,152	1,152
Share premium	54,849	54,849
Statutory reserve	115	109
Other reserves	1,357	1,329
Retained earnings	98,206	90,117
Total equity	155,679	147,556
Total liabilities and equity	1,499,359	1,435,814

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 more than 5,700 merchants, Inbank has 931,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
[email protected]

Attachments

• Inbank_Interim_Report_2025_Q2
• Inbank_Corporate_Presentation_Q2_2025