The Nordic challenger bank achieved a growth in gross loans of 321 MNOK and a
profit before tax of 24.2 MNOK in the first quarter of 2024.

The bank increased its interest income by 35 % from Q1-23 to 164.9 MNOK, driven
by higher loan volumes and yields. The total income was 116.5 MNOK, up 16 % from
Q1-23.

The loan losses were 46.3 MNOK or annualised 2.9 % of average gross loans, down
from 3.1 % in the previous quarter.

The bank entered into a cooperation with Husleie.no, the leading platform for
managing tenancies in Norway, to offer a new security deposit account product
that will contribute to lower funding costs.

The bank also experienced strong demand for its new product for small and
medium-sized enterprises (SMEs), which grew by 65 MNOK in the quarter.

Comments from, CEO Robert Berg:
"For two years, market rates have increased, and our net interest margins have
decreased due to higher funding costs that higher loan yields haven't fully
offset. High inflation has also negatively impacted profits. When market rates
eventually decrease, we expect to benefit from that in terms of improved net
interest margins."
"The net interest margin will also benefit from our new security deposit account
product, reducing funding costs. We are also very happy with the performance of
our new SME lending product, which we expect will be the most profitable product
as it represents very attractive yields and acceptable risk."

For more information, please see the full interim report for Q1-2024 enclosed in
this message.

Contacts persons:
Robert Berg, CEO, robert.berg@instabank.no 
Per Kristian Haug, CFO, perkristian.haug@instabank.no

This information is subject to the disclosure requirements of section 5-12 the
Norwegian Securities Trading Act