Morrow Bank delivered another solid quarter with profit before tax of NOK 67
million, up 16% from the previous quarter.

Commenting on the results, Morrow Bank's CEO Øyvind Oanes said:
"Following a successful turnaround, we have already exceeded our 2024 targets by
improving our processes and streamlining our operations. In Q2 2024, Morrow Bank
continued its positive development from the recent quarters, with solid
underlying growth and operational performance." 

Highlights of the quarter:

Solid growth in most profitable markets
o Gross loans up 1.9% to NOK 12.5 billion, continued solid growth in Finland and
Sweden
o Total income up 3.1% to NOK 305 million, positively impacted by commissions
income and fees 

Stable costs and credit risk
o Operating expenses remained stable, cost/income ratio at industry-leading 26%
(27%)
o Loan loss ratio at 5.1% (5.2%), credit risk continued to develop positively

Increased profitability, organically and structurally
o Profit before tax of NOK 67 million (NOK 58 million) and profit after tax of
NOK 51 million (NOK 44 million)
o ROE (return on equity) of 8.5% (7.4%) and ROTE (return on target equity) of
9.7% (8.4%)
o Agreed to acquire SEK ~700 million (NOK ~700 million) Swedish consumer loan
portfolio and closed transaction in July - in line with strategy to pursue
structural opportunities that can accelerate value creation. Expected positive
effect on profitability from 2025 and onwards

On track for 2025 targets
o Year-end organic 2025 targets maintained at ~10% annualised loan growth,
cost/income ratio of ~26% and ROTE of 10-12%

Øyvind Oanes commented further:
"With a positive macro-outlook in the Nordics, we will continue to grow in the
most profitable markets while keeping costs stable. The loan loss ratio has
started to decline and is set to continue declining - driving the Bank's
profitability and returns up. Our cost-efficiency and scalability enable us to
look at inorganic growth opportunities to improve returns further, and we will
continue pursuing relevant structural opportunities to leverage the scalability
of our platform and accelerate value creation beyond the organic."

The Q2 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/MorrowBankQ2-2024

For further information, please contact:

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


About Morrow Bank ASA
Morrow Bank is a Nordic 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, 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 14 August 2024 at 07:00 CEST.