Estonia’s Inbank saw a consolidated net profit of €2.9mn in the third quarter of 2023, marking a decrease of 78% year on year, BNS, a Baltic newswire, reported on November 1.
The net profit in the first nine months of 2023 was €7.4mn. The return on equity in the third quarter was 10.6%, Inbank told the stock exchange.
Inbank’s loan and subscription portfolio increased by 27% compared to the third quarter of 2022, reaching €975.1mn. The deposit portfolio grew 40% and reached €1.02bn by the end of the third quarter.
Inbank’s gross merchandise value (GMV) during the third quarter was €182.4mn, which is 18% more compared to same period a year ago. In terms of product segments, car finance continued to show especially strong results with €45.1mn of GMV, which is 80% more than a year ago.
The GMV of merchant solutions was stable at €71.8mn. Green finance sales were €26.4mn, which is a 32% increase compared to a year ago. Subscription solutions continued to show very strong sales growth of 64%, reaching €16mn. With lower investment in marketing, direct lending sales dropped by 14% to €23.1mn.
By the end of the third quarter, the number of active contracts reached 894,000, growing 5.7% y/y. At the end of the third quarter, Inbank had over 5,400 partners, BNS said.
Related Articles
Estonian banks see €368mn profit in Q1 2025
Commercial banks in Estonia earned a combined profit of €368mn in the first quarter of 2025, down from €444mn a year earlier but up from €291mn in the previous quarter, according to Eesti Pank, ... more
Poland’s Orlen signs deal to supply Ukraine with LNG
Ukraine’s Naftogaz will purchase 100mn cubic metres of LNG from Poland’s Orlen, Ukraine’s biggest state-owned energy firm announced on March 7. The LNG will be transported from cargoes ... more
Swedbank Estonia CEO says Lithuania's bank taxes spooked investors' and foreign banks’ interest
Olavi Lepp, CEO of Swedbank’s Estonian branch, stated that Lithuania’s recently imposed temporary bank solidarity levy has dampened interest among new banks and foreign investors in the ... more
Most Read
-
Armenia courts African countries to supply diamond industry
17 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
21 hours ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
11 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
18 days ago