Morrow Bank, a leading Nordic digital niche bank, delivered another solid
quarter with profit before tax of NOK 91.1 million in Q2 2025, up 35% from NOK
67.4 million in Q2 2024. CEO Øyvind Oanes commented: 

"Morrow Bank remains on track to redomicile and transfer its listing to Nasdaq
Stockholm around year-end, following the granting of our Swedish banking license
and approval of the merger plan by shareholders and the Norwegian FSA. This move
aligns our regulatory home with our customer footprint and ensures a level
playing field with Swedish peers, unlocking greater long-term value." 

Highlights of the quarter: 

Loan book from NOK 12.5 to NOK 16.0 bn
o Gross loans at NOK 16.0 billion, up 28% year-on-year incl. acquisitions and 4%
quarter-on-quarter organically
o Prudent launch of new refinancing product in Norway shows promising initial
results
o Total income grew 15% year-on-year to NOK 350 million in Q2

Increased returns
o Q2 cost/income ratio at industry-leading 25.8% 
o Loan loss ratio stabilising at 4.3% after declining five quarter in a row
(5.1% in Q2 2024) driven by a maturing loan book 
o Profit before tax increased by 35% to NOK 91.1 million in Q2 
o Q2 return on equity (ROE) at 11.3% (8.5% in Q2 2024) and return on target
equity (ROTE) of 12.2% in the quarter (9.7%)

Unlocking additional value as Swedish bank 
o Swedish banking license granted - redomiciliation and listing transfer to
Nasdaq Stockholm expected early 2026
o Raised NOK 275 million in Tier 1 bond with pricing improving from 8.0% to 6.9%
margin
o Targeting annualised organic loan growth of 5-10% (previously ~5%),
cost/income of ~23% and ROTE of ~17% (previously 15-17%) by end-2026


Øyvind Oanes added:
"Gross loans are up 28% year-on-year, and new product launches in Norway and
Sweden are set to drive further growth in the second half. Credit quality is
improving, and cost discipline remains strong as we continue to deliver an
industry-leading cost/income ratio. We target gross loans of around NOK 18
billion by end-2026. Combined with organic improvements and our scalable
platform, this will drive higher earnings and returns. With a solid Nordic
footprint, improving capital efficiency, and visibility for long-term ROTE above
20%, Morrow Bank is well positioned for sustained value creation." 

The Q2 2025 report and presentation are attached and available at
ir.morrowbank.com. Investor presentation and Q&A: CEO Øyvind Oanes and CFO Eirik
Holtedahl will present the results today at 08:30 CEST. 

To participate in the conference call, please click on the link below: 

https://www.finwire.tv/webcast/morrow-bank/q2-2025/

Phone number to call in to the meeting: +46 850539728, then enter meeting ID:
86436117061# (To ask a question, press *9 to raise your hand, then *6 to
unmute). 


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 Thursday 14 August 2025 at 07:00 CEST.