The group's comprehensive income amounted to NOK 328 million in the first quarter of 2017, corresponding to an earnings growth of NOK 38 million compared with the fourth quarter of 2016. The earnings growth is explained by strong loan growth, stable margins, good cost control and stable credit quality. The results are characterized by improvements in all markets.
The strong customer and loan growth continued in the first quarter, with a loan growth of NOK 2.8 billion, while deposits increased NOK 3.8 billion. The bank recruited 92,200 customers in the first quarter. At the end of the first quarter the bank had a customer base of 1,033,100 customers, which can be broken down into 738,000 credit card customers, 158,300 loan customers and 136,800 deposit customers.
The Bank Norwegian credit card was recently awarded "Best Affinity Credit Card for the Europe/Africa region" by the Freddie Awards.
The bank has a broad Nordic platform and lending volumes grow faster outside Norway. Consequently, enacted and proposed regulations from the Norwegian regulators are estimated to have a more limited impact on the bank's development going forward.
Based on increased pillar 2 requirements the bank carried out a private placement of NOK 500 million and will accommodate the loan growth to bring capital ratios to mandated levels before September 30, 2017.
Bank Norwegian is a wholly owned subsidiary of the listed company Norwegian Finans Holding ASA. Bank Norwegian started its operations in November 2007 and offers consumer loans, credit cards and deposit accounts to retail customers distributed through the Internet in the Nordic market. The bank offers, in cooperation with the airline Norwegian, a combined credit card and reward card. The bank started operations in Sweden in May 2013. In December 2015 the bank launched operations in Denmark and Finland, where it initially offered consumer loans and deposit accounts, while credit cards were launched in June 2016.
Bank Norwegian is an internet based bank offering simple and competitive products to the retail market. The operations are based on leading e-commerce solutions, synergies with the airline Norwegian, attractive terms for our customers, cost-effective operations and effective risk selection.
For further information, see the annual report 2016 and the investor presentation for the fourth quarter 2016 available at:
If you have questions you may call;
Interim CEO Pål Svenkerud; phone: +4793403904
Norwegian Finans Holding ASA report for the first quarter 2017
Norwegian Finans Holding ASA 1 quarter 2017 results presentation
Bank Norwegian AS rapport 1 kv 2017
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norwegian Finans Holding ASA via Globenewswire