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Beskrivning

LandNorge
ListaOB Match
SektorFinans
IndustriNischbank
Morrow Bank är en norsk finansiell aktör som tillhandahåller fritids- och konsumentfinansiering. Visionen är att vara en flexibel aktör där lånefinansiering kan erhållas utan krav på större säkerhetsinsättning. Utöver finansiering erbjuds även diverse fakturahantering. En stor del av bolagets tjänster nås via bolagets hemsida. Banken grundades under 2014 och har sitt huvudkontor i Lysaker, Norge.
2022-02-10 07:00:00
Profitability and growth
o Profit after tax NOK 34 million, reflecting de-risking and discontinuation of
recording interest income on sold non-performing loans (NPL)
o Yield on performing loans at 13.0% in Q4, up from 12.5% in Q3
o Net loan book up by 1.8% to NOK 7.4 billion in the quarter adjusted for
one-off NPL sales and FX

De-risking of balance sheet
o Completion of NOK 1.4 bn NPL sales bringing NPL ratio down to 10%
o Loan loss ratio stable at 3.0% in the quarter (adjusted for NPL sale effects)
o Forward flow agreements established in Sweden & Finland effective from
November 2021

Capital
o Solid CET1 ratio of 20.7% in Q4, well above 17.1% requirement

Operations
o Extensive business review conducted, strategic roadmap developed
o New management & organisational structure in place

Commenting on the results, CEO Øyvind Oanes, said:

"The fourth quarter has been an eventful quarter where a solid foundation has
been laid for a positive development going forward. We have conducted an
extensive business review during the quarter where we have identified the key
challenges and opportunities for the bank.

Based on our findings we have developed a strategic roadmap for repositioning
the Bank for growth. Throughout 2022 we will implement a range of commercial
actions, automate processes and improve IT efficiency.

The Bank remains well capitalised, which provide the necessary flexibility when
implementing the action plan. In addition, a new and highly motivated management
team has been appointed with leaner decision-making processes and increased
focus on critical parts of the operations.

I am looking forward to revitalise the bank throughout 2022 so that we again can
focus on profitable growth in 2023 and beyond"

The interim report and presentation are attached to this release and available
at ir.komplettbank.com and newsweb.no.

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 at
https://ir.komplettbank.com/reports-and-presentation/

Registration form to the presentation: https://tinyurl.com/3f5mu97v


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 is a foundation
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 10 February 2022 at 07:30 CET.