Morrow Bank delivered another solid quarter with profit before tax of NOK 58
million, its highest profit since Q2 2021.

Commenting on the results, Morrow Bank's CEO Øyvind Oanes said:
"At the beginning of this year, we set new and more ambitious medium-term
targets and the performance this quarter demonstrates that we are on track. In
Q1 2024, we delivered higher revenues while keeping costs stable, and a
declining loan loss ratio, resulting in improved returns." 

Highlights of the quarter:
Solid income growth
o Continued strong Nordic consumer financing demand, gross loans above NOK 12
billion
o Net interest margin stable around 9%, in line with the four previous quarters 

o Total income of NOK 296 million in Q1, up 3.4% vs Q4 2023 

Improved cost efficiency
o Operating expenses remaining stable at NOK 80 million
o Cost/income ratio at industry-leading 27% (28%) driven by continued cost focus


Credit risk control
o Loan loss ratio at 5.2% (5.4%) as growth is stabilising and tightened credit
policies since Q2 2023 are starting to weigh in

Higher returns
o Profit before tax of NOK 58 million (NOK 51 million) and profit after tax of
NOK 44 million (NOK 35 million)
o ROE (return on equity) of 7.4% (6.1%) 

On track for 2025 targets
o Year-end 2025 targets of ~10% annualised loan growth, cost/income ratio of
~26% and ROTE (return on target equity) of 10-12%

Øyvind Oanes commented further: "Over the past two years, Morrow Bank has
optimised its product portfolio, improved customer processes, increased
automation and right sized the organisation. With a scalable and robust banking
platform established, and a positive medium to long-term macro-outlook in the
Nordics, we will focus on continuous organic improvements while pursuing
opportunities that can drive further value creation."

The Q1 2024 report and presentation are attached to this release and available
at ir.morrowbank.com.

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

The presentation and following Q&A will be conducted via Microsoft Teams.
Registration form for the presentation: https://tinyurl.com/Q12024Morrow

For further information, please contact:

Eirik Holtedahl, CFO 
tel: +47 96912291
email: ir@morrowbank.com


About Morrow Bank ASA
Morrow Bank (former name Komplett Bank) is a focused Nordic digital niche bank
offering personal loans, credit cards and deposit accounts to consumers. The
target group is creditworthy individuals 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 a foundation for Morrow Bank and are enabled by
centralized operations, modern systems and digital set-up. 

To learn more, visit ir.morrowbank.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,
Morrow Bank ASA, on 7 May 2024 at 07:00 CEST.