Komplett Bank ASA: Q3 2018 results - Contribution from POS Finance takes hold
Net loans grew by NOK 655 million in Q3 (+10%) and by NOK 2,509 million year
over year (+51%)
POS Finance grew by NOK 100 million to reach NOK 236 million at the end of Q3
2018 compared to NOK 136 million at the end of Q2 2018
Net interest income for Q3 2018 was NOK 250 million compared to NOK 231
million last quarter (+8%) and NOK 174 million (+43%) for Q3 2017
Strong improvement in Cost Income Ratio ex marketing with 20.4% in Q3 2018,
improvement from 23.3% in Q2 2018
Losses on loans increased in Q3 to NOK 83 million, compared to NOK 46 million
Profit after tax was NOK 75 million in Q3, down 14% compared to NOK 88 million
in Q2 2018, impacted by the higher losses on loans in the quarter
“In Q3 we have seen our diversification strategy begin to take hold, with
increasing contribution from Loans Sweden and POS Finance. As a result, our
total portfolio diversification has improved steadily throughout the quarter.
Going forward, we will continue working towards increased geographical and
product-wise diversification and expansion and expect to launch credit cards in
Sweden and Finland towards the end of the year. At the same time, we will
continue to scale up the POS Finance business in Norway and Sweden”, said
Komplett Bank CEO, Raimond Pettersen.
In addition to stable, diversified growth and lower operational costs, Komplett
Bank reports an increase in losses on loans, which had an impact on profit after
tax for the quarter.
“The increase in losses on loans is partly the result of launching in two new
markets, Finland and Sweden, in which there are higher initial loss levels in
early vintages. In addition, however, certain segments in Loans Norway have
exhibited weaker roll rates, which has contributed to the increase. We have
therefore initiated targeted measures aimed at stabilizing and reducing losses
in the identified segments”, Pettersen continued.
CEO Raimond Pettersen and CFO Jan Haglund will present the company’s results
later today, October 18, at 10:00 CEST at Felix Konferansesenter, Bryggetorget
The Komplett Bank ASA Q3 2018 report and presentation materials are attached to
this notice and can be found at https://www.komplettbank.no/om-komplett-bank/
A live webcast of the presentation and the following Q&A session can be followed
It will be possible to ask questions online.
For further information, please contact:
Jan Haglund, CFO
tel: +46 70 600 2061
email: [email protected]
About Komplett Bank ASA
Komplett Bank is a focused Nordic digital niche bank offering personal loans,
credit cards, deposit accounts and online point-of-sales finance products to
consumers. The target group is creditworthy customers with stable personal
finances and no payment remarks. Credit risk is managed largely by automated
processes for credit assessment and underwriting. The bank has a diversified and
balanced distribution model utilizing both public and proprietary channels.
Operational efficiency and low cost is a foundation for Komplett Bank and is
enabled by centralized operations, modern systems and digital set-up.
To learn more, visit www.komplettbank.no
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act
Ekstern link: http://www.newsweb.no/index.jsp?messageId=461481
Nyheten er levert av OBI.