Estonian Inbank's profits reach EUR 5.7 million in six months
Estonian financial services’ provided Inbank made a profit of 5.7 million euros in the first half of 2017, which is a 429.4% increase compared to the respective period in 2016.
Estonian public broadcaster ERR reports citing Tallinn Stock Exchange that the primary cause behind the extraordinary growth in profit was the one-off profit earned on the sale of Inbank’s affiliates earlier in 2017.
In the second quarter, Inbank sold its affiliates Krediidipank Finants AS and Coop Finants AS to Eesti Krediidipank earning 4.81 million from the transactions, still retaining Inbank’s holding in Eesti Krediidipank in the amount of 17.9%, the company told Tallinn Stock Exchange.
Inbank CEO Jan Andresoo commented on operations in other areas of business: «In the area of hire purchase, we launched a partnership with Samsung Electronics Baltics. In the area of loans, we developed our cooperation with several good partners, such as Bauhof, 1A.EE and Hansapost, where we now offer small loans in addition to hire purchase.»