Economia
Inbank unaudited financial results for Q1 2024
Priit Põldoja, Chairman of the Management Board, comments on the results:
“Inbank begins 2024 with a steady improvement in financial performance. Our total net income grew by 30% compared to the same quarter a year ago, while our operating expenses grew by 16%. Impairment losses remained at the same level as a year ago, while loan and rental portfolios grew by 23%.
Sales results were seasonally lower, but on a year-on-year basis quite stable in all markets. GMV in CEE was up 11% with improving sales in Czechia, while Baltic sales remained at 2023 levels on the back of weak macroeconomic conditions.
Despite facing challenging economic conditions over the last two years, our loan impairment losses have remained low. Impairment losses in the first quarter were impressive, standing at 1.35% of the average loan portfolio.
During the first quarter, Inbank started cooperating with Pigu Group, the largest e-commerce player in the Baltics. We also bolstered our cooperation with leading Baltic payment service providers to extend our products to an increasing number of small and medium sized online merchants. As a result, Inbank reached a total of 5,800 merchants at the end Q1 2024.
As 2024 progresses, Inbank continues to navigate through a challenging external environment. However, there are many reasons to be optimistic. The Polish economy is demonstrating an impressive resilience and the Baltic economies are projected to start growing again during the second half of 2024. Financial markets are expecting a more accommodative monetary policy from the European Central Bank for the remainder of the year, which will likely result in a continuous trend of lower funding cost for Inbank.”
Key financial indicators as of 31.03.2024 and for Q1:
Total assets EUR 1.34 billion
Loan and rental portfolio EUR 1.05 billion
Deposit portfolio EUR 1.11 billion
Equity EUR 128.2 million
Net profit EUR 4.0 million
Return on equity 12.6%
Consolidated income statement (in thousands of euros)
Consolidated statement of financial position (in thousands of euros)
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 5,800 merchants, Inbank has 896,000+ active contracts and collects deposits across 8 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
Attachment
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti