Aprila Bank delivered a pre-tax profit of NOK 7.7 million in the third quarter 2023. The result is positively influenced by low loan loss provisions, elevated gains on the liquidity portfolio and seasonally lowered marketing spend. Nevertheless, the accomplishment reflects Aprila’s operational efficiency and implies that the bank is on track to deliver a robust net income in 2023. As of 30 September 2023, pre-tax profit year-to-date amounted to NOK 13.5 million.

Total income reached NOK 41.9 million in the third quarter, representing a total income growth of 66% year-on-year. By the end of the quarter, the annual total income run-rate reached NOK 185 million, ahead of the guidance. Loan losses in the quarter amounted to NOK 10.4 million, of which NOK 8.6 million were provisions for loan losses.

Key figures at the end of the quarter:
- Gross lending reached NOK 865 million, an increase of 45% year-on-year
- Gross lending to credit line accounts amounted to NOK 810 million, an increase of 52% year-on-year
- The bank had 4,711 credit line accounts, an increase of 45% year-on-year
- Cost/income was 57% in the quarter and 62% for the last twelve months

So far in the fourth quarter, gross lending growth has accelerated. 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 (ROE) 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 CET. 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