Milestone quarter for Aprila Bank, reaching profitability for the first time

Aprila delivered a net profit of NOK 1.6 million in Q2, the bank’s first profitable quarter since inception. Total income for the quarter grew by 113% year-on-year to NOK 22.9 million, an increase of 28% from Q1.

- Reaching profitability is a major milestone for Aprila, proving our business model and bringing the company onto the next phase of creating returns to our shareholders. With continued growth we are in a position to achieve market-leading profitability over time, says CEO Halvor Lande.

Marginal profitability continues to improve from a high level

- The gross margin strengthened from 80% in Q1 to 84% in Q2 despite increased funding costs. 
- Total operating expenses declined NOK 1.1 million from Q2 2021, to NOK 12.9 million in the quarter. 
- Losses amounted to NOK 8.4 million in the quarter, however net interest margin after losses remained stable at 14%, the same as the previous two quarters. 
- Losses were 32% of gross income in the quarter, 7 of these 32 percentage points were related to a one-off IFRS 9 model change of NOK 1.7 million. 

- The business-as-usual losses were 25% of gross income, which was in line with our ambitions. This shows that our 5,500 Norwegian SMB customers are showing resilience despite challenging market conditions, says CEO Halvor Lande. 

Sufficiently capitalised and ready for continued growth

Aprila Bank raised NOK 60 million of new capital in the quarter. Combined with the positive net profit in the quarter, this resulted in a CET1-ratio (Common Equity Tier 1) of 41.3% at the end of the quarter, compared to the current regulatory overall capital requirement (OCR) of 19.0%. 

- We are now sufficiently capitalised for continued strong growth. This means that we can focus all our efforts on profitable growth going forward, says CFO Kjetil Barli.

The report and presentation are available on the company’s website:
https://www.aprila.no/investor-relations

The results will be presented in a webcast with CEO Halvor Lande and CFO Kjetil Barli on 12 August 2022 at 10:00 CEST.

The presentation and subsequent Q&A session will be held in English and may be viewed live at
https://events.webcast.no/viewer-registration/fkJ2iLy8/register

A recording of the presentation will be made available on https://www.aprila.no/investor-relations after the presentation.

About Aprila Bank
Aprila is a product- and technology company offering improved access to financing for businesses through innovative financial solutions. Aprila’s API-based technology platform supports both direct customer relationships as well as customer relationships established through partners. The bank commenced operations in April 2018.

For further information, please contact: 
Halvor S. Lande
CEO
+47 924 32 305
halvor.lande@aprila.no

Kjetil S. Barli
CFO
+47 908 42 016
kjetil@aprila.no