Inbank Group closes the financial year with record profit, strengthening its existing market positions

Inbank Latvia, a company of the Estonian credit institution Inbank Group, achieved its highest-ever profit and growth figures since entering the Latvian market in 2015. According to the latest financial data, Inbank Group has also confidently strengthened its position in other countries, reporting a profit of 9.3 million and continuing to improve the range and quality of the services it offers. Inbank Group’s growth indicators increased by more than 25% compared with the previous year, and the company expects stable growth this year as well.

At present, Inbank Group companies offer their services to customers in Latvia, Lithuania, Estonia and Poland. In 2018, a total of EUR 204 million was issued in loans, exceeding the previous period’s figure by 60%, which is a significant result in the highly competitive financial sector. Inbank Group’s loan portfolio grew by 143%, reaching EUR 225.6 million, while the company’s deposit portfolio increased by 153% during the year, reaching EUR 240.2 million by the end of last year. Inbank Group’s total turnover in 2018 amounted to EUR 318 million, with the fastest growth recorded in Estonia.

In the Latvian market, the company’s sales nearly doubled last year, reaching EUR 16.4 million and confidently exceeding previous forecasts, while the loan portfolio increased 1.4-fold, reaching almost EUR 20 million, according to the recently published annual report data of Inbank Group. The number of active cooperation partners in Latvia also increased by 69% last year. Along with the country’s overall economic growth, the situation in the financial sector has become more stable, which also encourages a more responsible and considered attitude among the public towards financial services such as consumer credit, including consumer credit for purchasing a car, and instalment purchases.

“This year, in the Latvian market, we are focusing on developing new financial solutions that are particularly attractive to customers, and we also want to work even more closely with our cooperation partners through various sales channels, making financial loans even more convenient, accessible and considered. Inbank places particular value on functionality—focusing on one product group, providing an outstanding customer experience and simplifying processes through modern technological solutions. The company’s aim is to continue its rapid growth and strategically strengthen its market positions, becoming a stable player in the financial sector in the years to come as well,” comments Inbank Latvia’s Chairman of the Board, Ģirts Lediņš.