Es­to­nian In­bank's prof­its reach EUR 5.7 mil­lion in six months

Baltic News Network - - News -

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.»

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