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Norwegian Finans Holding (the NFH Group) reported comprehensive income in the second quarter of 2020 NOK 582.1 million after tax, compared with NOK 368.0 million in the first quarter. The increase is mainly caused by lower provision for loan losses, gains on securities and lower digital marketing costs.

Return on equity was 24.5%, compared with 16.2% in the first quarter and the return on assets was 3.9%, compared with 2.5% in the first quarter.

Gross loans to customers decreased NOK 2 292 million compared with an increase NOK 2 860 million in the previous quarter and totaled NOK 44 723 million. Currency adjusted gross loan growth was NOK -1 276 million compared with NOK -733.3 million in the previous quarter. Broken down by product the currency adjusted loan growth for instalment loans was NOK -653.0 million compared with NOK 375.4 million in the previous quarter, and for credit cards NOK -623.0 million compared with NOK -1 109 million in the previous quarter. The negative growth in instalment loans and credit card is mainly due lower new sales and lower spending related to COVID-19. Instalment loans amounted to NOK 31 878 million and credit card loans amounted to NOK 12 821 million.

The total capital ratio was 24.3%, the core capital ratio was 22.2% and the common equity tier 1 ratio was 20.7%. The capital ratio includes a 136 bp dividend set aside according to the NFH Group dividend policy.

At the end of the second quarter 2020 the NFH Group had a customer base of 1 746 500 customers, which can be broken down into 1 272 200 credit card customers, 207 100 instalment loan customers and 267 200 deposit customers.

There is still high level of uncertainty related to the future development of the pandemic. The NFH Group's resilient financial position with high profitability, strong capitalization and high levels of liquid assets make the NFH Group well equipped to withstand the anticipated adverse effects of COVID-19.

In March, the European expansion was put on hold pending the development of the COVID-19 and will be re-initiated when the economic development for individual countries following the development in COVID-19 are more visible. The NFH Group has nonetheless chosen to continue development in key areas for the future European roll-out.

The NFH Group’s exploratory phase to apply for an EU banking license in Ireland was concluded in the quarter. Based on the feedback from CBI, the Board will evaluate the next steps in the process considering the feedback from CBI and not at least the consequences of the COVID-19.

For further information, see Report for the second quarter 2020, Investor Presentation for the second quarter 2020, Excel Factbook for the second quarter 2020 and Alternative Performance Measures for the second quarter 2020, which are available at:



For any questions please call:

Head of Treasury Mats Benserud; phone: +47 95891539

Head of Communications and Public Affairs Kai-Morten Terning; phone: +47 90531898


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act