Profitability
o Profit after tax NOK 35 million, improved result compared with Q4 driven by
lower loan losses
o Yield on performing loans stable at 12.9% in Q1, versus 13.0% in Q4
o Net loans of NOK 7.2 billion: nominal growth in local currencies, i.e. +0.2%
adjusted for FX and portfolio sales

Capital
o Solid CET1 ratio of 21.9% at end of Q1, well above 17.1% requirement

De-risking of balance sheet
o Balance sheet risk significantly reduced through post quarter sale of
non-performing loans (NPL)
o NPL ratio of ~10% - to be reduced to below 3% following the post quarter NPL
sale
o Loan loss ratio at 2.1% vs 2.6% in Q4 2021

Repositioning for growth
o Aiming to increase throughput of existing products on current markets through
ongoing initiatives on product performance, process automation and tech
simplification 
o Positive early signals on conversion, volume growth picking up towards the end
of the quarter

Commenting on the results, CEO Øyvind Oanes, said: 

"While underlying net loan growth and yield was stable in Q1 2022, growth
started picking up towards the end of the quarter following the long tail of the
pandemic limiting consumer spending into February. Costs increased in the
quarter driven by restructuring, but, importantly, we reduced our cost base
while implementing leaner and more efficient processes. Loan losses continued to
develop favourably during the quarter, driven by reduced defaults in the
portfolio. The recent NPL sales combined with all new non-performing loans now
being sold on forward flow contracts have resulted in significantly reduced
balance sheet risk and we expect loan losses to be stable going forward.

In our Q4 2021 reporting, we announced multiple initiatives aimed at increasing
throughput and repositioning Komplett Bank for accelerated growth. We are seeing
progress on all the initiatives - and the first action on process automation was
deployed during the quarter with application processing time being reduced by
40-50%, positively impacting conversion rates.

The reorganization of our IT organization and structure continues with a new CTO
in place effective from 1 March 2022 and development of a Tech roadmap has been
initiated.

Our mid-term organic ambitions are to grow our loan balance by more than 50%
compared to 2021, reduce cost/income ratio to below 35% and deliver a return on
target equity of 12-15%. While we highlight that deployment of our initiatives
are still in an early phase, the progress made during the quarter contributes to
our positive outlook for the Bank."

The interim report and presentation are attached to this release and available
at ir.komplettbank.com.

CEO Øyvind Oanes and CFO Eirik Holtedahl will present the Bank's results today
at 08:30 CEST.

The presentation and the Q&A session will be conducted via Teams, see invite
https://tinyurl.com/KomplettBankQ122

For further information, contact:

Eirik Holtedahl, CFO
tel: +47 96912291
email: ir@komplettbank.no

About Komplett Bank ASA 
Komplett Bank is a focused Nordic digital niche bank offering personal loans,
credit cards, deposit accounts and online point-of-sales finance products to
consumers. The target group is creditworthy customers with stable personal
finances and no payment remarks. Credit risk is managed largely by automated
processes for credit assessment and underwriting. The Bank has a diversified and
balanced distribution model utilizing both public and proprietary channels.
Operational efficiency and low cost are foundations for Komplett Bank and is
enabled by centralized operations, modern systems and digital set-up. To learn
more, visit ir.komplettbank.com.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Henning Fagerbakke, Head of Finance,
Komplett Bank ASA, on 12 May 2022 at 07:00 CEST.