Inbank's net profit and sales volume increased in 2024, with positive financial outlook
From GlobeNewswire: 2024-11-07 01:34:00
Inbank’s consolidated net profit for the third quarter of 2024 was 3.1 million euros, a 7% increase from the previous year. Total profit for the first nine months of the year reached 10.8 million euros, a 46% increase. The loan and lease services portfolio grew by 14.2% to 1.11 billion euros. Inbank’s total assets stood at 1.43 billion euros at the end of the third quarter.
Inbank’s third-quarter sales volume reached a record 184 million euros, a 4% increase from the previous quarter and 1% increase from the same quarter last year. Pure interest income grew by 25% compared to the previous year. The car financing portfolio sales volume increased by 42% to 64 million euros, making it Inbank’s largest product segment. Other product segments maintained stable sales volumes.
Inbank’s internal interest rate for retail loans improved to 11.21% in the third quarter, a 0.41% increase from the previous year. Loan impairment cost decreased to 1.5% of the loan portfolio in the third quarter. Inbank had 881,000 active customer agreements and 6,200 active partners by the end of the quarter.
In the third quarter, Inbank’s net interest income increased by 25% compared to the previous year. The company raised 10.14 million euros in equity in August, with Swedbank pension funds as lead investors. Inbank sold its 21% stake in Paywerk to Swedbank AB, resulting in a one-time profit of 0.7 million euros. Inbank introduced the Smart Rent service for Apple products in iDeal stores in Lithuania.
Inbank’s financial results continue to improve in 2024. Despite interest rate fluctuations affecting third-quarter results, the company expects lower interest rates to positively impact future financial performance. Inbank’s high-quality financial solutions and declining interest rates support the company’s growth ambitions for the coming quarters and years.
Read more at GlobeNewswire:: Inbanki 2024. aasta kolmanda kvartali ja 9 kuu