Inbank unaudited financial results for Q2 and 6 months 2024

In Q2 2024 Inbank earned a consolidated net profit of 3.8 million euros increasing 41% year-on-year. The 2024 half-year net profit was 7.7 million euros, which is 71% more than a year ago. The return on equity in Q2 was 11.6%. Loan and rental portfolio increased by 15% year-on-year reaching 1.08 billion euros. The deposit portfolio grew by 22% compared to a year ago, totaling 1.18 billion euros. At the end of Q2, Inbank's total assets stood at 1.42 billion euros.The Gross Merchandise Value...

Tallinn, 07/08/2024 (informazione.news - comunicati stampa - economia)

Priit Põldoja, Chairman of the Management Board, comments on the results:

'During the second quarter of 2024, Inbank's financial performance continued to improve steadily. On the back of declining funding costs and increasing portfolio yield, Inbank's net income grew by 29% compared to the same quarter a year ago, while operating expenses grew by 17% during the same period. As a result, Inbank's quarterly net profit was 3.8 million euros which is 41% higher than a year ago.

Sales results were stable in the Baltics and decreased slightly in Poland. Sales in Czechia have more than doubled compared to a year ago and quarterly GMV was above 10 million euros for the first time.

Considering our consistent repricing efforts in all markets over the last 18 months, we are very happy with our sales results, and this is a testament to our product superiority.

For the first 6 months of the year, Inbank's impairment loss ratio was 1.5%. We expect our credit cost to remain within our target of 1.6%, as employment has remained strong and inflation is pulling back in all our markets.

Over the last 10 quarters, Inbank has managed to navigate a challenging macro environment by demonstrating discipline in repricing our products and focusing on operational efficiency. Margins have started to improve, and the cost-income ratio is starting to move towards 50%. At the same time, we are investing in our growth in the Czech market and will continue to bring our innovative electronics rental product to all Inbank markets by the end of 2024.

Managing this balancing act of delivering improving financial results while continuing to invest in our long-term competitiveness has been the focus of the Inbank management team over the last 18 months. While remaining cautious and disciplined, we are gearing up our organization to capture more growth opportunities in the second half of 2024 and beyond.'

Key financial indicators as of 30.06.2024 and for Q2

Total assets EUR 1.42 billion
Loan and rental portfolio EUR 1.08 billion
Deposit portfolio EUR 1.18 billion
Equity EUR 133.1 million
Net profit EUR 3.8 million
Return on equity 11.6%

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 6,100 merchants, Inbank has 895,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

Additional information:

Merit Arva
Head of Communications
merit.arva@inbank.ee
+372 553 3550

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