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Bank Norwegian

Norwegian Finans Holding ASA : STRONG GROWTH AND EARNINGS IN BANK NORWEGIAN


Norwegian Finans Holding ASA : STRONG GROWTH AND EARNINGS IN BANK NORWEGIAN

The Group's comprehensive income amounted to NOK 443 million in the 4th quarter, an earnings growth of NOK 9 million compared with the 3rd quarter. The earnings growth is explained by strong loan growth, stable margins, good cost control and stable credit quality. The earnings growth must be seen in relation with a NOK 50 million gain for sale from non-performing loans in Norway in the 3rd quarter.

The strong customer and loan growth continued in the 4th quarter, with a loan growth of NOK 2.5 billion, while deposits increased NOK 1.7 billion. The bank recruited 66,000 customers in the 4th quarter.

The group's comprehensive income in 2017 amounted to NOK 1,605 million, an earnings growth of NOK 681 million compared with 2016. The earnings growth on an annual basis is explained by customer and loan growth, stabile margins, good cost control and stable credit quality. The comprehensive income includes gains from sale of non-performing loans in Norway and Sweden of NOK 50 million and SEK 43 million. The bank recruited more than 292,100 customers in 2017 and the loan growth was NOK 8.2 billion, corresponding to NOK 9.5 billion adjusted for sale of loan portfolios.

At the end of 2017 the bank had a customer base of 1,233,000 customers, which can be broken down into 896,300 credit card customers, 170,400 loan customers and 166,300 deposit customers.

The bank has during the last year worked on the implementation of the accounting standard IFRS 9. IFRS 9 requires write-downs on loans to be calculated using different assumptions about future development of losses. The bank has made partial calculations of losses under IFRS 9 based on a base scenario. The calculations at 31.12.17 show an immaterial change in write-downs on loans compared with the write-downs on loans under IAS 39. The bank does not expect to utilize the transitional rules.

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. Bank Norwegian 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 consumer loans and deposit accounts in Denmark and Finland, while credit cards were launched in June 2016.

Bank Norwegian is a digital bank that offers simple and competitive products to the retail market. The strategy is based on leading digital 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 2017 and the investor presentation for the 4th quarter available at:

https://www.banknorwegian.no/OmOss/InvestorRelations

If you have questions you may call;

CEO Tine Wollebekk; phone:  +47 40805557 

CFO Pål Svenkerud; phone: +47 93403904

https://www.banknorwegian.no


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Source: Norwegian Finans Holding ASA via Globenewswire