The Bank Norwegian Group (the Group) reported profit after tax in the second quarter of NOK 367.8 million compared with NOK 396.8 million in the first quarter and down from NOK 582.1 million in the same quarter last year. The decrease from the previous quarter is mainly caused by lower interest income, mainly in Norway from a lower loan portfolio and Sweden and Denmark due to portfolio sales. In addition, this quarter has increased commission income from credit card activity and insurance incentives, offset by seasonal income from Visa in the first quarter. Loan loss provision in the quarter is down by NOK 19 million to NOK 370.7 million. Return on equity ended at 13.3%, compared with 14.3% in the previous quarter. The return on assets was 2.5%, compared with 2.6% in the previous quarter.

The total capital ratio was 27.8%, the core capital ratio was 25.6% and the CET1 ratio was 24.0%, including set aside 60% of net result to dividend for 2021 and the remaining NOK 1 from 2020 (CET1 25.7% pre dividend set-aside), compared to our internal CET1 target of 17.5%.

In the second quarter, the Bank has sold debt collection credit cards portfolios in Sweden and Denmark, as well as a debt collection instalment loan portfolio in Denmark in July, which will be accounted for in the third quarter. Gross loans to customers increased NOK 495.3 million adjusted for portfolio sales in the quarter, compared with a decrease of NOK 2 223 million in the previous quarter and totaled NOK 40 434 million. Loan growth adjusted for both portfolio sales and currency was NOK -24.0 million compared with NOK -892.8 million in the previous quarter. The second quarter has seen a general uptake in credit card usage month by month visible in all four countries. Instalment loans amounted to NOK 29 872 million and credit card loans amounted to NOK 10 561 million.

Deposits were reduced by NOK 366.9 million compared with a decrease of NOK 3 168 million in the first quarter and totaled NOK 39 143 million at the end of the second quarter. Currency adjusted growth was NOK -845.7 million compared with NOK -2 003 million in the previous quarter. As in the first quarter, Norway continues to be the main source of the decrease in deposits following deposit rate reductions. The decrease in deposits in Norway was NOK 1 722 million in the second quarter and NOK 2 853 million in the first quarter.

The second quarter and the weeks into the third quarter has been eventful for the Bank: 

  • A dividend of NOK 5 per share was distributed on May 6, 2021 to registered shareholders as 27 April 2021. The Board of Directors has been granted an authorization to pay the remaining NOK 1 per share in the fourth quarter 2021, pending on the development of the pandemic.
  • At the end of June, the Bank’s CEO Tine Wollebekk resigned, and the CFO Klara-Lise Aasen was appointed as interim CEO with immediate effect from June 29, 2021.
  • The merger of Norwegian Finans Holding ASA (NOFI) and Bank Norwegian ASA (BANO) was executed after market close on July 20, 2021 with a corresponding change in the Bank’s ticker from NOFI to BANO on July 21, 2021.
  • On July 14, 2021 Nordax Bank AB (publ) announced that it had completed due diligence of the Bank and launched a public voluntary cash offer of NOK 105 per share to acquire the entire outstanding share capital in NOFI, (later BANO after the intragroup merger).

“In the second quarter we continue to see negative effects of the pandemic on our income. However, we do see a positive development after soon 1,5 year with pandemic restrictions. Now spending and consumption is picking up. For the Bank we experienced a positive shift this quarter with increased usage of our credit card, in all the four Nordic markets, and we expect this to improve even further during the second half of 2021 as a result of reopening and increased activity level. Loan demand is still low but has gradually come up the last months.”, says Interim CEO and CFO Klara Lise Aasen.

The Group continues to be in a strong financial position with high profitability and operational excellence, strong capitalization and elevated levels of liquid assets. The Group has endured the adverse effects of COVID-19 and is prepared for growth, both with increased activity level in the Nordics and our European expansion in the fourth quarter.

For further information, see the full reporting material for the quarter at:


For any questions please call:

Interim CEO and CFO, Klara Lise Aasen; phone: +47 47635583; e-mail:

Head of Treasury, Mats Benserud; phone: +47 95891539; e-mail:

Press contact; Head of Communication and Sustainability, Melita Ringvold; phone +47 95121983; e-mail:


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