Estonian Inbank posts record profit, driven by Polish unit.

Growth has been driven by the Polish business unit, as the Polish unit more than tripled its volume and contributed 43 million euros to total sales.

Priit Põldoja, Chairman of the Management Board, comments on the results:

“While in March 2020 as a result of Covid-19 pandemic, Inbank’s sales fell by half, then March this year was Inbank’s best sales month ever. Since the second half of 2020, our growth has been driven by the Polish business unit, and this continued also in the first quarter, as the Polish unit more than tripled its volume and contributed 43 million euros to total sales.

It is gratifying to see that Inbank has successfully consolidated its position in partner-based channels – we sold 71 million euros worth of hire purchase contracts, which is almost twice as much as last year. However, the crisis and continuing uncertainty have clearly left their mark on consumer confidence, and the volume of small loans has not reached the level of the first quarter last year.

We have good reason to be satisfied with the financial results for the beginning of the year. In the first quarter, Inbank sold 97 million euros worth of credit products, which is 49% more than last year. For the first time since the onset of the coronavirus crisis, Inbank’s profits have again begun to accelerate and we earned a total of 2.55 million euros in net profit, which is 17% more than a year ago.

As the economy opens, we expect strong growth in retail consumption and a recovery in loan demand in the coming quarters.”

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