Aprila Bank delivered a pre-tax profit of NOK 5.2 million in the first quarter 2024. The pre-tax profit is weaker than the past three quarters, but slightly ahead of the bank’s own forecast.

Total income reached NOK 48.7 million in the fourth quarter, representing a total income growth of 44% year-on-year. The annual total income run-rate reached NOK 195 million in the quarter. Loan losses amounted to NOK 16.4 million, impacted by a larger-than-normal share of the lending book entering into default.

Key figures:
- Gross lending reached NOK 966 million by the end of the quarter, an increase of 29% year-on-year
- Gross lending to credit line accounts amounted to NOK 929 million at the end of the quarter, an increase of 35% year-on-year
- The bank had 5,089 credit line accounts at the end of the quarter, an increase of 25% year-on-year
- Cost/income was 56% in the quarter and 55% for the last twelve months
- Return on equity was 8.7% in the quarter and 13.3% for the last twelve months

Looking ahead, we are confident that the continued adaptation of new technology, combined with the scalability of Aprila’s business model, will continue to improve the bank’s underlying operating expenses and loan losses relative to total income. We expect this to contribute to a steady improvement of the bank’s return on equity over time.

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 today at 10:00 CEST. The presentation will be held in English. Please register your attendance using the following link: https://www.aprila.no/content/investor-relations/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 an innovative product- and technology company offering enhanced access to financing for businesses. 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