Inbank releases unaudited financial results for Q1 2024

Inbank, a financial technology company with an EU banking license, has reported impressive financial results for the first quarter of 2024. The company earned a consolidated net profit of 4.0 million euros, marking a significant 114% increase year-on-year. The return on equity for the quarter was reported at 12.6%.

Key highlights from the financial report include a 23% increase in Inbank’s loan and rental portfolio compared to Q1 2023, reaching 1.05 billion euros. The deposit portfolio also saw a substantial growth of 29%, reaching 1.11 billion euros by the end of Q1. Inbank’s total assets stood at 1.34 billion euros at the end of the quarter.

The Gross Merchandise Value (GMV) for the first quarter was 162 million euros, with notable growth in the car finance segment, which saw a 39% increase in GMV compared to the previous year. Despite slightly lower sales volumes in other product segments, Inbank maintained a strong performance overall.

Inbank also expanded its partnerships during the quarter, reaching 5,800 active partners by the end of Q1. The company started collaborating with Pigu Group, the largest e-commerce player in the Baltics, and strengthened its cooperation with leading Baltic payment service providers to offer products to more online merchants.

As Inbank navigates through a challenging economic environment, the company remains optimistic about the future. With positive projections for the Polish and Baltic economies, as well as expectations of a more accommodative monetary policy from the European Central Bank, Inbank is well-positioned for continued growth and success in the coming months.