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.
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