In Q1 2024 Inbank earned a consolidated net profit of 4.0 million euros increasing 114% year-on-year. The return on equity in Q1 was 12.6%.

  • Inbank’s loan and rental portfolio increased by 23% compared to Q1 2023 reaching 1.05 billion euros. The deposit portfolio grew 29% and reached 1.11 billion euros by the end of Q1. At the end of Q1 2024, Inbank’s total assets stood at 1.34 billion euros.

  • The Gross Merchandise Value (GMV) during the first quarter was 162 million euros, which is 5% more than a year ago. In terms of product segments, car finance continued to show especially strong results with 45 million euros of GMV, which is 39% more than a year ago. The GMV of green finance was stable at 20 million euros. All other product segments had slightly lower sales volumes than a year ago. Rental services were 13 million euros, which is a 6% decrease compared to a year ago. Direct lending sales decreased by 4% to 20 million euros and merchant solutions by 6% to 65 million euros. 

  • By the end of Q1, the number of active contracts reached 896,000. At the end of Q1, Inbank reached 5,800 active partners.

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%

The full report can be found: https://inbank.eu/investors/reporting