Inbank reports 7% increase in net profit, strong financial performance, and growth expectations

From GlobeNewswire: 2024-11-07 01:34:00

In Q3 2024, Inbank reported a 7% increase in net profit to 3.1 million euros, with a 46% rise for the first nine months. Assets reached 1.43 billion euros, loan and rental portfolio grew to 1.11 billion euros, and deposits totaled 1.16 billion euros. The Gross Merchandise Value reached 184 million euros.

During the same period, Inbank’s net interest income grew by 25%, with an 8.8% return on equity in Q3. Its Auto marketplaces and dealers segment increased by 42% year-on-year. Inbank also raised 10.14 million euros in equity and sold its stake in Paywerk, resulting in an extraordinary profit.

Inbank’s retail portfolio saw an Effective Interest Rate of 11.21% in Q3. The company had 881,000 active contracts and 6,200 active merchant partners by the end of Q3. Inbank’s financial performance has been on the rise throughout 2024, with strong growth expected due to a declining interest rate environment.

Inbank is a financial technology company with an EU banking license, connecting merchants, consumers, and financial institutions on its embedded finance platform. It operates in 7 European markets, with bonds listed on the Nasdaq Tallinn Stock Exchange. For more details, refer to the attached interim report for Q3 2024.



Read more at GlobeNewswire:: Inbank unaudited financial results for Q3 and 9