Morrow Bank delivered another good quarter with loan balance growth and stable
returns.

Commenting on the results, Morrow Bank's CEO Øyvind Oanes said: 
"In the third quarter of 2023, we delivered a solid result with an underlying
loan balance growth of 5% while maintaining margins and controlling cost and
credit risk."

Highlights of the quarter:

Controlled loan growth
o Underlying loan balance growth of 5% vs. Q2 2023 (4%) amid prudent risk
management
o 34% growth y-o-y supported by better customer processes and automation
(throughput)

Stable margins 
o Net interest margin stable at 9%, in line with the four previous quarters
o 2%p increase in borrowing cost y-o-y compensated by growth and loan repricing

Continued cost reductions
o Operating expenses reduced to NOK 77 million, down 7% vs Q2
o 19% cost reduction y-o-y driven by successful initiatives to improve cost
efficiency

Solid credit risk control
o Loan loss ratio at 5%, up 0.2%p in Q3 driven by macroeconomic and other
provisions
o Enhanced credit risk and pricing analytics enabling growth and control

Profitability maintained
o Profit after tax of NOK 36 million, vs. NOK 41 million in Q2 which included a
NOK 5 million one-off income

Øyvind Oanes commented further: 
"Since the beginning of 2022, we have focused on continuously improving
efficiency. As a result, our operational cost base has been reduced by more than
20% in a period where the Bank's loan balance has grown by more than 40%.
Importantly, we have built a robust bank that is competitive and well-positioned
for delivering growth and value creation."

The Q3 2023 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 the Q&A session will be conducted via Microsoft Teams.
Registration form for the presentation:

https://tinyurl.com/morrowbankQ3


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, 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 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 25 October 2023 at 07:00 CEST.