Inbank's profit grows 168 percent to €2.7 million in 2016
Inbank, the financial services company that began operating in April 2015 after evolving from the Cofi financial technology startup established in 2011, made a profit of €2.7 million, up 168 percent from the previous year.
The bank's fourth-quarter profit grw by 67 percent to €937,000, the company told the stock exchange.
In 2016, the sales volumes of all of the bank's products grew significantly. Inbank's loan portfolio increased by 6.6 percent in the fourth quarter, reaching €64.8 million by the end of the quarter. Over the course of the year, its loan portfolio increased by 85.6 percent or €29.9 million.
In the fourth quarter, Inbank started cooperation with the international deposit platform Raisin, with whose help clients from Austria and Germany can now also open deposits in Inbank. According to Jan Andresoo, chairman of the management board of Inbank, attracting deposits from Germany and Austria allows more efficient management of financing the bank and reduces its dependence on the Estonian deposit market.
"Raisin is helping implement the Inbank strategy of growing into an international company and adds confidence that the partner-based business model supports the rapid growth of the bank," Andresoo said.
Inbank to expand to Poland
In the fourth quarter, Inbank continued preparations for launching its activities on the Polish market. At the end of the year, an application for opening a branch of the bank was sent to the Polish Financial Supervision Authority and on Jan. 12, 2017, Inbank received an operating license for the Polish market. Inbank has established an objective to start business activities in Poland in the first quarter of 2017.
The deposit portfolio of Inbank increased to €64.6 million by the end of the quarter. Over the course of the year, Inbank's deposit portfolio increased by 117 percent or by €34.9 million, showing that the bank is still able to finance the growth of its lending activities with retail deposits.
Editor: Aili Vahtla
Source: BNS