Inbank unaudited financial results for Q1 2026
Inbank started 2026 with strong sales growth and stable underlying performance, while profitability development was more moderate. In Q1 2026 Inbank earned a consolidated net profit of €4 million, decreasing 11% year-on-year. The return on equity (ROE) in Q1 was 9.4%.
- In Q1 2026, Inbank’s total net income amounted to €21.9 million, increasing 5% year-on-year. Operating expenses increased to €12.1 million, reflecting higher continued investments in technology and marketing spend, while remaining stable compared to the previous quarters.
- Originated volume reached €206 million, increasing 24% year-on-year and marking a record quarterly result. Regionally growth was led by Central and Eastern Europe, where originated volume increased by 33%, while the Baltics also delivered solid growth of 18%.
- Sales growth was broad-based across most product groups. Personal loans more than doubled year-on-year, increasing by 104% to €47.3 million. Car financing volumes grew by 28% to €51.5 million, supported by the launch of the Otomoto partnership (part of OLX Group) in Poland and gradual recovery in the Estonian car market. Rental services volumes increased by 60%, while net rental income grew by 17%. Green financing volumes remained stable at €32.8 million. Pay later products remained the largest segment with €56.8 million in sales, although volumes declined by 4% year-on-year.
- By the end of the quarter, Inbank’s loan and rental portfolio reached €1.29 billion, growing 10% year-on-year. Portfolio growth was impacted by higher early repayments and the weakening of the Polish zloty. Customer deposits increased by 5% year-on-year to €1.33 billion.
- Credit quality remained stable, with impairment levels at 1.6% of the average loan and rental portfolio, remaining within the target range.
- In April 2026, Inbank paid its first-ever, one-off dividend of €4.8 million, supported by a gradual increase in net profit and equity base over recent quarters.
- By the end of Q1 2026, Inbank had more than 847,000 active customer contracts and over 6,200 active retail partners.
Priit Põldoja, CEO of Inbank, comments:
“Inbank entered 2026 with a very strong sales growth. Achieving a record originated volume in a seasonally slower first quarter positions us well for the year ahead. At the same time, margin pressure from loan portfolio repricing and early repayments weighed on profitability during the quarter. At the same time, funding cost continued to decline and the overall portfolio quality remains well diversified and resilient, supported by stable macroeconomic conditions across our core markets.
Looking ahead, we expect margin pressure to persist in the near term due to repricing effects and repayment dynamics. To improve profitability during the rest of the year, we remain focused on executing our growth strategy across existing markets, strengthening product competitiveness and maintaining discipline in pricing, risk management and cost control.”
Key financial indicators as of 31.03.2026
Total assets €1.62 billion
Loan and rental portfolio €1.29 billion
Customer deposits €1.33 billion
Total equity €172 million
Net profit €4 million
Return on equity 9.4%
Consolidated income statement (in thousands of euros)
| Q1 2026 | Q1 2025 | 3 months 2026 | 3 months 2025 | |
| Interest income calculated using effective interest method | 31,502 | 31,273 | 31,502 | 31,273 |
| Interest expense | -13,126 | -13,313 | -13,126 | -13,313 |
| Net interest income | 18,376 | 17,960 | 18,376 | 17,960 |
| Fee and commission income | 92 | 7 | 92 | 7 |
| Fee and commission expenses | -1,289 | -1,232 | -1,289 | -1,232 |
| Net fee and commission income/expenses | -1,197 | -1,225 | -1,197 | -1,225 |
| Rental income | 11,277 | 9,149 | 11,277 | 9,149 |
| Sale of assets previously rented to customers | 5,313 | 3,961 | 5,313 | 3,961 |
| Other operating income | 0 | 0 | 0 | 0 |
| Depreciation of rental assets | -5,320 | -4,262 | -5,320 | -4,262 |
| Other operating expenses | -1,982 | -1,683 | -1,982 | -1,683 |
| Cost of assets sold previously rented to customers | -5,174 | -3,643 | -5,174 | -3,643 |
| Net rental income/expenses | 4,114 | 3,522 | 4,114 | 3,522 |
| Other operating income | 44 | 11 | 44 | 11 |
| Net gains/losses from financial assets measured at fair value | 637 | 444 | 637 | 444 |
| Foreign exchange rate gain/losses | -108 | 19 | -108 | 19 |
| Net gain/losses from financial items | 573 | 474 | 573 | 474 |
| Total net income | 21,866 | 20,731 | 21,866 | 20,731 |
| Personnel expenses | -5,987 | -5,610 | -5,987 | -5,610 |
| Marketing expenses | -1,203 | -853 | -1,203 | -853 |
| Administrative expenses | -3,193 | -2,962 | -3,193 | -2,962 |
| Depreciation, amortization | -1,720 | -1,663 | -1,720 | -1,663 |
| Total operating expenses | -12,103 | -11,088 | -12,103 | -11,088 |
| Share of profit from associates | 0 | 0 | 0 | 0 |
| Impairment losses on loans and receivables | -5,200 | -4,470 | -5,200 | -4,470 |
| Profit before income tax | 4,563 | 5,173 | 4,563 | 5,173 |
| Income tax expense | -547 | -642 | -547 | -642 |
| Profit for the period | 4,016 | 4,531 | 4,016 | 4,531 |
| Other comprehensive income that may be reclassified subsequently to profit or loss | ||||
| Currency translation differences | -79 | -107 | -79 | -107 |
| Total comprehensive income for the period | 3,937 | 4,424 | 3,937 | 4,424 |
Consolidated statement of financial position (in thousands of euros)
| 31/03/2026 | 31/12/2025 | 31/03/2025 | |
| Assets | |||
| Cash and cash equivalents | 174,543 | 144,541 | 218,356 |
| Mandatory reserves at central banks | 26,069 | 28,859 | 26,042 |
| Due from other banks | 10,083 | 10,004 | 0 |
| Investments in debt securities | 58,729 | 59,393 | 47,063 |
| Financial assets measured at fair value through profit or loss | 239 | 94 | 103 |
| Loans and receivables | 1,156,938 | 1,152,136 | 1,059,208 |
| Other financial assets | 4,155 | 3,610 | 5,309 |
| Tangible fixed assets | 120,031 | 113,835 | 100,263 |
| Right of use assets | 19,001 | 20,469 | 19,775 |
| Intangible assets | 34,074 | 33,492 | 32,022 |
| Other assets | 6,243 | 6,300 | 9,532 |
| Deferred tax assets | 7,080 | 7,299 | 4,973 |
| Total assets | 1,617,185 | 1,580,032 | 1,522,646 |
| Liabilities | |||
| Customer deposits | 1,334,166 | 1,301,052 | 1,267,247 |
| Financial liabilities measured at fair value through profit or loss | 0 | 265 | 120 |
| Other financial liabilities | 44,251 | 46,204 | 50,513 |
| Current tax liability | 542 | 193 | 320 |
| Deferred tax liability | 1,438 | 1,350 | 660 |
| Other liabilities | 16,160 | 11,132 | 10,816 |
| Subordinated debt securities | 48,884 | 48,866 | 40,896 |
| Total liabilities | 1,445,441 | 1,409,062 | 1,370,572 |
| Equity | |||
| Share capital | 1,189 | 1,178 | 1,152 |
| Share premium | 61,752 | 60,166 | 54,849 |
| Statutory reserve | 119 | 115 | 109 |
| Other reserves | 510 | 1,153 | 1,316 |
| Retained earnings | 108,174 | 108,358 | 94,648 |
| Total equity | 171,744 | 170,970 | 152,074 |
| Total liabilities and equity | 1,617,185 | 1,580,032 | 1,522,646 |
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 6,200 merchants, Inbank has 847,000+ 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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