Inbank unaudited financial results for Q2 and 6 months of 2026
In Q2 2026, Inbank reached a record originated volume of €221 million, representing a 13% year-on-year increase. Consolidated net profit for the quarter grew by 20% year-on-year to €4.3 million. Net profit for the first half of 2026 reached €8.3 million, up 2% year-on-year. The return on equity was 9.8% in Q2, and 9.6% for the first 6 months of the year.
- Inbank’s total net income for the second quarter increased by 6% year-on-year to €22 million, and 6% to €43.9 million for the first 6 months. Operating expenses rose 3% year-on-year to €11.9 million, declining slightly from the previous quarter. As a result, Inbank’s cost / income ratio improved to 54.3% for the quarter.
- Originated volume reached a record €221 million in Q2 2026, up 13% year-on-year, bringing originated volume for the first 6 months of 2026 to €428 million, up 18% year-on-year. Growth was broad-based, with 17% in Central and Eastern Europe and 10% in the Baltics.
- By product segment, personal loan origination volumes grew 59% year-on-year to €55.8 million, supported by sustained focus on the product and its distribution. Rental services grew by 47% to €20.3 million, supported by growth in both full-service vehicle rental and consumer electronics rental. Car financing grew by 11% to €52.4 million, supported by the Otomoto partnership in Poland and the continued recovery of Estonia’s car market. Pay later product volumes, Inbank’s largest segment, were broadly flat year-on-year at €64.6 million. Green financing declined 23% year-on-year to €28.4 million, as Polish solar financing demand normalised after last year’s exceptionally strong, subsidy-driven activity.
- The loan and rental portfolio grew 10% year-on-year to €1.32 billion, while the deposit portfolio increased 7% year-on-year to €1.32 billion. As of the end of Q2, Inbank’s total assets stood at €1.61 billion.
- Impairments on loans and receivables were 1.54% of the average loan and rental portfolio, an improvement from both a year ago and the previous quarter, and remained within Inbank’s target range.
- In June, Inbank completed a private placement of Additional Tier 1 (AT1) bonds worth €8.34 million at 8.25% per annum, oversubscribed 2.1 times, attracting a diversified investor base including family offices, institutional investors, pension funds and high-net-worth individuals. The total capital ratio reached 18.38% by quarter-end.
- In July, Inbank signed an agreement with Eurobank to establish a 50/50 joint venture to build an embedded finance business in Greece, combining BNPL, sales finance and consumer lending products. Licensing with the Bank of Greece is underway, with commercial launch expected in Q1 2027, subject to regulatory approvals.
- Inbank strengthened its leadership and operating model. Margus Kastein was appointed Chief Commercial Officer (effective 1 June), Piret Paulus was appointed Chief Product Officer (effective 1 July), and Marten Meikop will join as Chief Technology Officer on 10 August 2026.
- By the end of Q2 2026, Inbank had 807,000 active customer contracts and over 6,200 active partners.
Priit Põldoja, CEO of Inbank, comments on the results:
“Inbank delivered a strong second quarter, with yet another record originated volume accompanied by a slight improvement in profitability. Growth was broad-based across our markets and products, led by personal loans and rental services. While revenue growth was modest, net profit grew by more than 20% thanks to low operating expense growth and stable credit quality.
In addition to solid underlying business performance, the quarter also marked an important strategic milestone. In July, we signed an agreement with Eurobank to establish a joint venture and enter the Greek market – a completely new strategic direction for Inbank, as we enter a new market for the first time together with a strong local partner. With growing business volumes, improving margins and an exciting new market ahead of us in Greece, Inbank enters the second half of 2026 with good momentum.”
Key financial indicators as of 30.06.2026
Total assets € 1.61 billion
Loan and rental portfolio € 1.32 billion
Customer deposits € 1.32 billion
Total equity € 176.2 million
Net profit € 4.3 million
Return on equity 9.8%
Consolidated income statement (in thousands of euros)
| Q2 2026 | Q2 2025 | 6 months 2026 | 6 months 2025 | |
| Interest income calculated using effective interest method | 31,969 | 31,766 | 63,471 | 63,039 |
| Interest expense | -12,828 | -13,295 | -25,954 | -26,608 |
| Net interest income | 19,141 | 18,471 | 37,517 | 36,431 |
| Fee and commission income | 117 | 15 | 209 | 22 |
| Fee and commission expenses | -1,241 | -881 | -2,530 | -2,113 |
| Net fee and commission income/expenses | -1,124 | -866 | -2,321 | -2,091 |
| Rental income | 11,718 | 9,524 | 22,995 | 18,673 |
| Sale of assets previously rented to customers | 4,892 | 4,307 | 10,205 | 8,268 |
| Depreciation of rental assets | -5,561 | -4,559 | -10,881 | -8,821 |
| Other operating expenses | -2,196 | -1,669 | -4,178 | -3,352 |
| Cost of assets sold previously rented to customers | -4,763 | -4,053 | -9,937 | -7,696 |
| Net rental income/expenses | 4,090 | 3,550 | 8,204 | 7,072 |
| Other operating income | 14 | 8 | 58 | 19 |
| Net gains/losses from financial assets measured at fair value | -183 | -463 | 454 | -19 |
| Foreign exchange rate gain/losses | 59 | 39 | -49 | 58 |
| Net gain/losses from financial items | -110 | -416 | 463 | 58 |
| Total net income | 21,997 | 20,739 | 43,863 | 41,470 |
| Personnel expenses | -6,472 | -5,759 | -12,459 | -11,369 |
| Marketing expenses | -1,166 | -1,034 | -2,369 | -1,887 |
| Administrative expenses | -2,537 | -3,066 | -5,730 | -6,028 |
| Depreciation, amortization | -1,768 | -1,739 | -3,488 | -3,402 |
| Total operating expenses | -11,943 | -11,598 | -24,046 | -22,686 |
| Impairment losses on loans and receivables | -5,027 | -4,875 | -10,227 | -9,345 |
| Profit before income tax | 5,027 | 4,266 | 9,590 | 9,439 |
| Income tax expense | -763 | -702 | -1,310 | -1,344 |
| Profit for the period | 4,264 | 3,564 | 8,280 | 8,095 |
| Other comprehensive income that may be reclassified subsequently to profit or loss | ||||
| Currency translation differences | 6 | -32 | -73 | -139 |
| Total comprehensive income for the period | 4,270 | 3,532 | 8,207 | 7,956 |
Consolidated statement of financial position (in thousands of euros)
| 30/06/2026 | 31/12/2025 | 30/06/2025 | |
| Assets | |||
| Cash and cash equivalents | 101,234 | 144,541 | 162,628 |
| Mandatory reserves at central banks | 25,879 | 28,859 | 26,687 |
| Due from other banks | 10,168 | 10,004 | 0 |
| Investments in debt securities | 90,454 | 59,393 | 47,447 |
| Financial assets measured at fair value through profit or loss | 136 | 94 | 0 |
| Loans and receivables | 1,182,331 | 1,152,136 | 1,088,936 |
| Other financial assets | 3,479 | 3,610 | 5,829 |
| Tangible fixed assets | 128,923 | 113,835 | 102,110 |
| Right of use assets | 17,601 | 20,469 | 21,241 |
| Intangible assets | 34,604 | 33,492 | 32,557 |
| Other assets | 6,625 | 6,300 | 6,706 |
| Deferred tax assets | 7,084 | 7,299 | 5,218 |
| Total assets | 1 608 518 | 1 580 032 | 1,499,359 |
| Liabilities | |||
| Customer deposits | 1,320,001 | 1,301,052 | 1,233,383 |
| Financial liabilities measured at fair value through profit or loss | 0 | 265 | 687 |
| Other financial liabilities | 42,095 | 46,204 | 57,098 |
| Current tax liability | 1,012 | 193 | 529 |
| Deferred tax liability | 1,445 | 1,350 | 878 |
| Other liabilities | 10,480 | 11,132 | 10,194 |
| Subordinated debt securities | 57,277 | 48,866 | 40,911 |
| Total liabilities | 1 432 310 | 1 409 062 | 1,343,680 |
| Equity | |||
| Share capital | 1,190 | 1,178 | 1,152 |
| Share premium | 61,922 | 60,166 | 54,849 |
| Statutory reserve | 119 | 115 | 115 |
| Other reserves | 539 | 1,153 | 1,357 |
| Retained earnings | 112,438 | 108,358 | 98,206 |
| Total equity | 176 208 | 170 970 | 155,679 |
| Total liabilities and equity | 1,608,518 | 1,580,032 | 1,499,359 |
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 807,000+ 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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