Inbank unaudited financial results for Q3 and 9 months of 2025
In Q3 2025, Inbank reached a new milestone, recording an originated volume of 204 million euros – the highest in its history and a 14% increase year-on-year. Consolidated net profit for the quarter grew by 62% to 5 million euros, while net profit for the first 9 months of the year reached 13.1 million euros, marking a 21% increase year-on-year. Return on equity improved to 12.5% in Q3 and averaged 11.4% for the first 9 months of the year.
- Inbank’s total net income for the third quarter increased by 21% year-on-year to 21.9 million euros, bringing total net income for the first 9 months to 63.3 million euros, increasing 15%. Total operating expenses amounted to 11.4 million euros, rising 3% in Q3 and 7% over the 9 months. As a result, Inbank’s efficiency continued to improve, with the quarterly cost / income ratio declining to 52.3%.
- In Q3 2025, Inbank reached a new milestone with record sales, with originated volume rising 14% year-on-year to 204 million euros. Growth was driven by high demand for green financing products in Poland, continued buy-now-pay-later (BNPL) sales expansion in the Baltics, and steady growth in direct lending volumes across all markets. For the first 9 months of 2025, originated volume totalled 567 million euros, which is 11% more year-on-year.
- By product segment, green financing sales reached a record 39.3 million euros, growing 57% year-on-year. Direct lending sales increased by 48% to 35.1 million euros, supported by an expanded product offering. Merchant solutions remained Inbank’s largest segment, with sales up 13% to 68.1 million euros, driven by strong BNPL demand. Car financing was the only segment to record a decline, down 18% year-on-year to 49.3 million euros, mainly reflecting the continued impact of Estonia’s motor vehicle tax.
- The loan and rental portfolio grew 11% year-on-year to 1.24 billion euros, while the deposit portfolio increased 13% to 1.32 billion euros. As of the end of Q3, Inbank’s total assets stood at 1.59 billion euros, growing 11% year-on-year.
- Impairments on loans and receivables remained well under control, with the quarterly impairment ratio at 1.52% and 1.57% for the first 9 months, remaining within the bank’s target range.
- By the end of Q3 2025, the number of active customer contracts reached 915,000 and 5,900 active partners.
Priit Põldoja, CEO, comments on the results:
“Throughout 2025, Inbank has demonstrated consistent improvement in both sales and financial performance. For the first time in our history, the originated volume reached a new milestone of 204 million euros, reflecting a 14% year-on-year increase. In addition, our quarterly total net income reached a new record level of 21,9 million euros, growing 21% year-over-year.
In early October, we successfully completed another Tier 2 bond issue on Nasdaq Tallinn, which was more than four times oversubscribed, attracting balanced interest from both retail and institutional investors. The issue raised 8 million euros in subordinated capital to support Inbank’s growth in the coming years and further strengthen our capital position.
We have remained focused on profitable growth while delivering value to more than 5,900 partners and 625,000 active customers. To support our continued international growth journey, we are strengthening our foundation through improved returns, greater efficiency, and stronger capital position. Q3 2025 marked another milestone in this journey, and we expect the positive momentum to continue in the coming quarters. At the same time, our team is preparing to seize new growth opportunities and bring Inbank’s embedded finance solutions to more merchants and customers across both existing and new European markets.”
Key financial indicators as of 30.09.2025
Total assets EUR 1.59 billion
Loan and rental portfolio EUR 1.24 billion
Customer deposits EUR 1.32 billion
Total equity EUR 161 million
Net profit EUR 5 million
Return on equity 12.5%
Consolidated income statement (in thousands of euros)
| Q3 2025 | Q3 2024 | 9 months 2025 | 9 months 2024 | |
| Interest income calculated using effective interest method | 32,003 | 30,870 | 95,042 | 88,946 |
| Interest expense | -13,178 | -13,603 | -39,786 | -40,287 |
| Net interest income | 18,825 | 17,267 | 55,256 | 48,659 |
| Fee and commission income | 33 | 98 | 55 | 315 |
| Fee and commission expenses | -1,295 | -1,268 | -3,408 | -3,637 |
| Net fee and commission income/expenses | -1,262 | -1,170 | -3,353 | -3,322 |
| Rental income | 10,039 | 8,123 | 28,712 | 23,431 |
| Sale of assets previously rented to customers | 4,205 | 3,992 | 12,473 | 12,114 |
| Other operating income | 58 | 328 | 77 | 804 |
| Depreciation of rental assets | -4,690 | -3,595 | -13,511 | -10,394 |
| Other operating expenses | -1,731 | -1,657 | -5,083 | -4,984 |
| Cost of assets sold previously rented to customers | -3,997 | -3,949 | -11,693 | -11,685 |
| Net rental income/expenses | 3,884 | 3,242 | 10,975 | 9,286 |
| Net gains/losses from financial assets measured at fair value | 325 | -1,372 | 306 | -177 |
| Foreign exchange rate gain/losses | 81 | 164 | 139 | 382 |
| Net gain/losses from financial items | 406 | -1,208 | 445 | 205 |
| Total net income | 21,853 | 18,131 | 63,323 | 54,828 |
| Personnel expenses | -5,494 | -5,033 | -16,863 | -14,726 |
| Marketing expenses | -1,055 | -849 | -2,942 | -2,186 |
| Administrative expenses | -3,040 | -3,259 | -9,068 | -9,284 |
| Depreciation, amortization | -1,834 | -1,932 | -5,236 | -5,706 |
| Total operating expenses | -11,423 | -11,073 | -34,109 | -31,902 |
| Share of profit from associates | 0 | 663 | 0 | 663 |
| Impairment losses on loans and receivables | -4,740 | -3,832 | -14,085 | -11,158 |
| Profit before income tax | 5,690 | 3,889 | 15,129 | 12,431 |
| Income tax expense | -682 | -796 | -2,026 | -1,597 |
| Profit for the period | 5,008 | 3,093 | 13,103 | 10,834 |
| Other comprehensive income that may be reclassified subsequently to profit or loss | ||||
| Currency translation differences | -96 | -15 | -235 | -272 |
| Total comprehensive income for the period | 4,912 | 3,078 | 12,868 | 10,562 |
Consolidated statement of financial position (in thousands of euros)
| 30.09.2025 | 31.12.2024 | |
| Assets | ||
| Cash and cash equivalents | 212 010 | 153 191 |
| Mandatory reserves at central banks | 26 896 | 25 156 |
| Investments in debt securities | 52 041 | 46 724 |
| Financial assets measured at fair value through profit or loss | 57 | 27 |
| Loans and receivables | 1 123 594 | 1 041 542 |
| Other financial assets | 4 297 | 4 569 |
| Tangible fixed assets | 103 279 | 98 069 |
| Right of use assets | 20 680 | 20 551 |
| Intangible assets | 33 061 | 31 560 |
| Other assets | 5 515 | 9 718 |
| Deferred tax assets | 5 496 | 4 707 |
| Total assets | 1 586 926 | 1 435 814 |
| Liabilities | ||
| Customer deposits | 1 318 930 | 1 171 359 |
| Financial liabilities measured at fair value through profit or loss | 417 | 503 |
| Other financial liabilities | 59 923 | 59 135 |
| Current tax liability | 569 | 62 |
| Deferred tax liability | 1 072 | 533 |
| Other liabilities | 4 378 | 4 620 |
| Subordinated liabilities | 40 927 | 52 046 |
| Total liabilities | 1 426 216 | 1 288 258 |
| Equity | ||
| Share capital | 1 152 | 1 152 |
| Share premium | 54 892 | 54 849 |
| Statutory reserve | 115 | 109 |
| Other reserves | 1 337 | 1 329 |
| Retained earnings | 103 214 | 90 117 |
| Total equity | 160 710 | 147 556 |
| Total liabilities and equity | 1 586 926 | 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 5,900 merchants, Inbank has 915,000+ 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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