Banks, Estonia, Financial Services, Internet, Technology

The main reason for the growth in the company's profit was the one-off profit earned from the sale of Inbank's affiliates.

In the second quarter of this year, Inbank sold its affiliates Krediidipank Finants AS and Coop Finants AS to Eesti Krediidipank, which will start operating under the name of Coop Pank this fall. Inbank's holding in both companies before the transaction was 49%. Inbank earned a one-off profit in the amount of 4.81 million euros from the transactions. The holding of Inbank in Eesti Krediidipank after the transactions is 17.9%, the company told the stock exchange.

Inbank CEO Jan Andresoo said that the quarter was characterized by the start of several new partnerships. "We launched international cooperation with the innovative mobile bank N26 via our Raisin deposit platform in order to offer good depositing opportunities to their clients," he said.

"In the area of hire purchase, we started 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," Andresoo said.

Inbank's sales in the first six months of 2017 amounted to 33.4 million euros: 28.5 million euros in Estonia, 3.2 million euros in Latvia and 1.6 million euros in Poland. The increase in the sales of loans in Estonia deserves a separate mention, as it increased by 35.6% year-on-year.

Business volumes also increased in the Polish branch, which started operating at the start of the year. Andresoo said that the second quarter was like a test period for the branch in order to assess the quality of the primary credit decisions and the functioning of channels and IT processes.

"The people in Poland also worked hard to start the partner-based business, which is the cornerstone of the international strategy of Inbank," he said. "I have to say that we have found very interesting business opportunities so far and hope to be able to say more about them in the near future."

Several changes in the staff of Inbank took place in the second quarter. Priit Piile, the former technical director of Inbank's affiliate Maksekeskus AS, started working as the technology director of Inbank. He will be responsible for coordinating IT development across the group. Girts Ledins, who has a lot of management experience in the area of finance, in May became the new CEO of Inbank's Latvian company Inbank Lizings SIA.