In Q3 2023 Inbank earned a consolidated net profit of 2.9 million euros. The net profit in the first nine months of 2023 was 7.4 million euros. The return on equity in Q3 was 10.6%.

  • The Q3 net profit decreased by 78% compared to Q3 2022 when Inbank completed the sale of its 29.8% stake in Maksekeskus AS, which resulted in 11.4 million euros of extraordinary profit. Excluding the extraordinary, net profit increased by 43% year-on-year.
  • Inbank’s loan and subscription portfolio increased by 27% compared to Q3 2022 reaching 975.1 million euros. The deposit portfolio grew 40% and reached 1.02 billion euros by the end of Q3.
  • Inbank’s gross merchandise value (GMV) during the third quarter was 182.4 million euros, which is 18% more comparing to same period a year ago. In terms of product segments, Car finance continued to show especially strong results with 45.1 million euros of GMV, which is 80% more than a year ago. The GMV of merchant solutions was stable at 71.8 million euros. Green finance sales were 26.4 million euros, which is a 32% increase compared to a year ago. Subscription solutions continued to show very strong sales growth of 64%, reaching 16 million euros. With lower investment in marketing, direct lending sales dropped by 14% to 23.1 million euros.
  • By the end of Q3, the number of active contracts reached 894,000 growing 5.7% year-on-year. At the end of Q3, Inbank had over 5,400 partners.

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

‘During the third quarter, Inbank continued to improve financial performance with strong income growth and continued sales growth. Inbank’s total quarterly income reached a record of 15.6 million euros, growing 24% year-on-year.

Since Q4 2021, when interest rates started to rise in Poland, Inbank has had to navigate a challenging environment. Our funding cost has increased by 3% during the last 24 months. At the same time, we have been able to reprice our portfolio by 2%, which has put pressure on our margins. However, we have been able to deliver record sales in all markets during these challenging times and kept our credit costs under control. As a result, Inbank profits are on the rise again with Q3 profit reaching 2.9 million euros. Quarterly ROE improved to 10.6%.

During the last quarter, our wholly owned subsidiary Inbank Rent started to offer innovative subscription services in Estonia. In September we signed a cooperation agreement with Apple premium reseller iDeal to launch a subscription service for Apple products. We expect the co-operation with Apple and other electronics retailers to roll out to all our markets during the rest of the year and in 2024.

Inbank’s business model is built on winning in the marketplace through building better products and services for our partners and customers. This strategy has been tested over the last 2 years in the higher interest rate environment. While focused on the profitability of our underlying business model, we have continued to invest in our capabilities to build a future proof international organization while continuing to be focused on our strategy of building a European embedded finance platform. ’

Key financial indicators as of 30.09.2023 and for Q3

Total assets EUR 1.2 billion
Loan and subscription portfolio EUR 975.1 million
Deposit portfolio EUR 1.02 billion
Total equity EUR 109.9 million
Net profit EUR 2.9 million
Return on equity 10.6%

The full report can be found: