Inbank unaudited financial results for Q2 and 6 months of 2025
In Q2 2025, Inbank delivered record-breaking sales with an originated volume of 196 million euros, representing a 15% year-on-year increase. In the same period, Inbank earned a consolidated net profit of 3.6 million euros, declining 6% year-on-year. Net profit for the first half of 2025 was 8.1 million euros, which is 5% more than a year ago. The return on equity was 9.3% in Q2 and 10.8% for the half year of 2025.
- Inbank’s total net income for the second quarter reached 20.7 million euros, increasing 8.4% year-on-year. Income from core activities, excluding financial and other income, grew by 15.3% to 21.1 million euros compared to 18.3 million euros year-on-year. Total operating expenses amounted to 11.6 million euros, which is a 7.1% increase year-on-year. As a result, Inbank’s cost / income ratio improved to 55.9% for the quarter.
- In Q2 2025, Inbank delivered record-breaking sales with an originated volume of 196 million euros, which is 15% more than a year ago. The strong performance was primarily driven by high demand for green financing products in Poland and record-high direct lending volumes across all Inbank markets.
- Green financing grew 86% compared to a year ago and reached 36.9 million euros during the quarter. Direct lending grew by 44%, reaching 32.1 million euros. Merchant solutions remained Inbank’s largest segment, with sales reaching 66.5 million euros, an increase of 3%. Car financing reached 47.1 million euros, showing signs of recovery following a challenging Q1, though remaining 10% below year-on-year. Rental services delivered 13.1 million euros, marking a 25% increase year-on-year.
- The loan and rental portfolio reached 1.21 billion euros increasing 11.2% year-on-year, while the deposit portfolio grew by 4.9% to 1.23 billion euros. As of the end of Q2, Inbank’s total assets stood at 1.5 billion euros growing 5% year-on-year.
- Impairments on loans and receivables increased by 18.1% to 4.9 million euros and accounted for 1.64% of the average loan and rental portfolio, slightly exceeding our target. However, for the first half of the year, impairments remained within target at 1.59%
- By the end of Q2, the number of active customer contracts reached 931,000 and 5,700 active partners.
Priit Põldoja, CEO, comments on the results:
“In the first half of 2025, Inbank’s growth has been more measured. While we achieved a record high originated volume this quarter and are likely to surpass it in coming periods, we have maintained a disciplined approach to growth opportunities. Inbank’s market share continues to expand across the Baltics. By the end of 2024, we reached 20.3% market share in consumer lending in Estonia. As interest rates decline, our margins continue to improve. However, to continue on our profitable growth path, we need to explore new niches in a €50bn Polish consumer finance market beyond our successful solar panel business and build our presence in Czechia. The last quarter marked a step in that direction, with record sales of 78 million euros in the Central and Eastern Europe (CEE) region.
Inbank continues to grow not only geographically, but also by expanding its product offerings. In the last quarter, we launched payment protection insurance in Latvia and Lithuania, completing our presence with this product across all Baltic countries. Expanding our range of fee-based products for our large customer base remains an important strategic focus for Inbank.
In early Q2, Inbank strengthened its Supervisory Board by appointing Erkki Raasuke as independent Chairman and welcoming two new members: Isabel Faragalli, a seasoned debt capital markets professional, and Sergei Anikin, an experienced tech leader. We look forward to working with the new Board to drive Inbank’s European embedded finance growth strategy in the years ahead.”
Key financial indicators as of 30.06.2025
Total assets EUR 1.50 billion
Loan and rental portfolio EUR 1.21 billion
Customer deposits EUR 1.23 billion
Total equity EUR 156 million
Net profit EUR 3.6 million
Return on equity 9.3%
Consolidated income statement (in thousands of euros)
| Q2 2025 | Q2 2024 | 6 months 2025 | 6 months 2024 | |
| Interest income calculated using effective interest method | 31,766 | 29,308 | 63,039 | 58,076 |
| Interest expense | -13,295 | -13,072 | -26,608 | -26,684 |
| Net interest income | 18,471 | 16,236 | 36,431 | 31,392 |
| Fee and commission income | 15 | 106 | 22 | 217 |
| Fee and commission expenses | -881 | -1,183 | -2,113 | -2,369 |
| Net fee and commission income/expenses | -866 | -1,077 | -2,091 | -2,152 |
| Rental income | 9,524 | 8,159 | 18,673 | 15,308 |
| Sale of assets previously rented to customers | 4,307 | 3,539 | 8,268 | 8,122 |
| Other operating income | 8 | 137 | 19 | 476 |
| Depreciation of rental assets | -4,559 | -3,469 | -8,821 | -6,800 |
| Other operating expenses | -1,669 | -1,868 | -3,352 | -3,326 |
| Cost of assets sold previously rented to customers | -4,053 | -3,386 | -7,696 | -7,736 |
| Net rental income/expenses | 3,558 | 3,112 | 7,091 | 6,044 |
| Net gains/losses from financial assets measured at fair value | -463 | 305 | -19 | 1,195 |
| Foreign exchange rate gain/losses | 39 | 557 | 58 | 218 |
| Net gain/losses from financial items | -424 | 862 | 39 | 1,413 |
| Total net income | 20,739 | 19,133 | 41,470 | 36,697 |
| Personnel expenses | -5,759 | -4,922 | -11,369 | -9,693 |
| Marketing expenses | -1,034 | -704 | -1,887 | -1,337 |
| Administrative expenses | -3,066 | -3,187 | -6,028 | -6,025 |
| Depreciation, amortization | -1,739 | -2,018 | -3,402 | -3,774 |
| Total operating expenses | -11,598 | -10,831 | -22,686 | -20,829 |
| Impairment losses on loans and receivables | -4,875 | -4,127 | -9,345 | -7,326 |
| Profit before income tax | 4,266 | 4,175 | 9,439 | 8,542 |
| Income tax expense | -702 | -398 | -1,344 | -801 |
| Profit for the period | 3,564 | 3,777 | 8,095 | 7,741 |
| Other comprehensive income that may be reclassified subsequently to profit or loss | ||||
| Currency translation differences | -32 | -277 | -139 | -257 |
| Total comprehensive income for the period | 3,532 | 3,500 | 7,956 | 7,484 |
Consolidated statement of financial position (in thousands of euros)
| 30.06.2025 | 31.12.2024 | |
| Assets | ||
| Cash and cash equivalents | 162,628 | 153,191 |
| Mandatory reserves at central banks | 26,687 | 25,156 |
| Investments in debt securities | 47,447 | 46,724 |
| Financial assets measured at fair value through profit or loss | 0 | 27 |
| Loans and receivables | 1,088,936 | 1,041,542 |
| Other financial assets | 5,829 | 4,569 |
| Tangible fixed assets | 102,110 | 98,069 |
| Right of use assets | 21,241 | 20,551 |
| Intangible assets | 32,557 | 31,560 |
| Other assets | 6,706 | 9,718 |
| Deferred tax assets | 5,218 | 4,707 |
| Total assets | 1,499,359 | 1,435,814 |
| Liabilities | ||
| Customer deposits | 1,233,383 | 1,171,359 |
| Financial liabilities measured at fair value through profit or loss | 687 | 503 |
| Other financial liabilities | 63,050 | 59,135 |
| Current tax liability | 529 | 62 |
| Deferred tax liability | 878 | 533 |
| Other liabilities | 4,242 | 4,620 |
| Subordinated debt securities | 40,911 | 52,046 |
| Total liabilities | 1,343,680 | 1,288,258 |
| Equity | ||
| Share capital | 1,152 | 1,152 |
| Share premium | 54,849 | 54,849 |
| Statutory reserve | 115 | 109 |
| Other reserves | 1,357 | 1,329 |
| Retained earnings | 98,206 | 90,117 |
| Total equity | 155,679 | 147,556 |
| Total liabilities and equity | 1,499,359 | 1,435,814 |
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 5,700 merchants, Inbank has 931,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee
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