In Q1 2023 Inbank earned a consolidated net profit of 1.9 million euros decreasing 37% year-on-year. The return on equity was 7.3%.

  • Inbank’s loan and subscription portfolio increased by 26% compared to Q1 2022 reaching 856 million euros. The deposit portfolio grew 27% and reached 857 million euros by the end of Q1. At the end of Q1 2023, Inbank’s total assets stood at 1.05 billion euros.
  • Inbank gross merchandise value (GMV) during the first quarter was 155 million euros, which is 14% more than a year ago. GMV through our merchant solutions grew by 15% reaching 68 million. The strongest growth was recorded by our car finance business, where GMV grew 65% to 32 million euros. Subscription solutions also showed strong annual growth of 29%, reaching 13 million euros, while direct lending GMV grew 20% and reached 21 million. Because of higher interest rates and regulatory changes in Poland, green finance sales decreased by 31% to 20 million euros.
  • By the end of Q1, the number of active contracts reached 872,000 and active partners exceeded 5,400.

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

‘Despite high inflation and higher interest rates, consumer spending and credit behaviour have remained surprisingly strong. In the first quarter of 2023, Inbank reported all-time high sales results and the best-ever quarterly income.

While higher interest rates have put pressure on our performance and profitability, Inbank has been winning in the marketplace. Despite a more challenging pricing environment our partners and customers have chosen to trust Inbank and even though we have been pickier about the business we are doing, we continue to grow at high speed.

We are likely to face some economic headwinds during the rest of 2023 of which we are mindful. However, we also know that our business model is resilient and we continue to invest in growing our embedded finance platform and international presence.

At the same time, we continue to see good opportunities for Inbank to grow in our current markets and beyond. To support our ambitions, Inbank’s shareholder meeting elected Erkki Raasuke as a Supervisory Board member and chair of its Audit Committee in March. With nearly 30 years of banking experience, he has held executive positions in several financial institutions such as Swedbank, LHV and Luminor in the Baltics. He will bring a wealth of experience and knowledge to Inbank Supervisory Board.’

Key financial indicators as of 31.03.2023 and for Q1

Total assets EUR 1.05 billion
Loan and subscription portfolio EUR 856.3 million
Deposit portfolio EUR 857.0 million
Total equity EUR 104.0 million
Net profit EUR 1.9 million
Return on equity 7.3%

The full report can be found: