Inbank unaudited financial results for Q3 and 9 months of 2025
Inbank
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
