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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Norwegian Finans Holding ASA    NOFI   NO0010387004

NORWEGIAN FINANS HOLDING ASA

(NOFI)
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NORWEGIAN FINANS HOLDING ASA: STRONG GROWTH AND EARNINGS IN BANK NORWEGIAN

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02/20/2020 | 01:00am EDT

The Group's comprehensive income in the fourth quarter 2019 amounted to NOK 504 million after tax, compared with NOK 514 million in the third quarter.

The Group's comprehensive income in 2019 amounted to NOK  1 981 million after tax, compared with NOK 1 807 million in 2018.

The Board of Directors in Norwegian Finans Holding ASA proposes a dividend of 3.18 per share and share repurchase of MNOK 150 during 2020.

The Group has changed method for calculation of interest income on loans transferred to debt collection and implemented amendment to IAS 12 – Income taxes in the period. The net effects of the implementation are booked in the fourth quarter 2019. Comparable numbers are restated.

The underlying earnings development is strong and is driven by loan growth, stable margins, cost control and good credit quality.

The customer and loan growth continued in the fourth quarter, with loan growth of NOK 875 million, currency adjusted. In a market characterized by competitive pressure and regulatory changes, customer growth and growth within both personal loans and credit cards continued. Deposits increased NOK 866 million, currency adjusted.

Net interest income increased due to loan growth. Net commission income increased due to lower costs related to card processing. Operating expenses increased due increased digital marketing spending and external services costs, partly offset by lower IT costs. Loan loss provisions was stable in the quarter.

In the fourth quarter the bank received its MREL requirement (Minimum requirement for own funds and eligible liabilities). Following successful bond issues, the Bank complies with the MREL requirements as of June 30, 2020 and further into the phase-in period towards 2022.

The bank recruited 33 400 new customers in the fourth quarter. At the end of the quarter, the bank had a customer base of 1 716 500 customers, divided among 1 255 700 credit card customers, 208 100 instalment loan customers and 252 700 deposit customers.

Bank Norwegian continues to explore the best path for geographical expansion. A cautious and segmented go-to-market model will ensure the same industry-leading performance as in our key Nordic markets.

The application process for an EU Banking license in Ireland is progressing according to plan, and the bank is currently in the final stages of the “exploratory phase”.

Bank Norwegian started its operations in November 2007 and offers instalment loans, credit cards and deposit accounts to retail customers distributed through the Internet in the Nordic market. Bank Norwegian offers, in cooperation with the airline Norwegian, a combined credit card and reward card. The bank started operations in Sweden in May 2013. In December 2015 the bank launched instalment loans and deposit accounts in Denmark and Finland, while credit cards were launched in June 2016. In 2019 Norwegian Finans Holding ASA acquired all the shares in the Irish company Lilienthal Finance Ltd. and through this company all rights to the Norwegian brand for banking services and access to customers in Europe.

Bank Norwegian is a digital bank that offers simple and competitive products to the retail market. The strategy is based on leading digital solutions, synergies with the airline Norwegian, attractive terms for our customers, cost-effective operations and effective risk selection.

For further information, see Report for the fourth quarter 2019, Investor Presentation for the fourth quarter 2019, and Excel Factbook for the fourth quarter 2019 which are available at:

 

https://www.banknorwegian.no/OmOss/InvestorRelations

 

For any questions please call:

CEO Tine Wollebekk; phone:  +47 40805557

CFO Pål Svenkerud; phone:  +47 93403904

Head of Treasury Mats Benserud; phone: +47 95891539

Head of Communications and Public Affairs Kai-Morten Terning; phone: +47 90531898

 

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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© OMX, source OMX

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Financials (NOK)
Sales 2020 5 956 M
EBIT 2020 4 522 M
Net income 2020 2 059 M
Debt 2020 -
Yield 2020 11,7%
P/E ratio 2020 4,18x
P/E ratio 2021 3,90x
Capi. / Sales2020 1,45x
Capi. / Sales2021 1,36x
Capitalization 8 637 M
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Mean consensus BUY
Number of Analysts 5
Average target price 111,00  NOK
Last Close Price 46,26  NOK
Spread / Highest target 149%
Spread / Average Target 140%
Spread / Lowest Target 127%
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Managers
NameTitle
Tine Gottlob Kirstan Wollebekk Chief Executive Officer
Bjorn Ostbo Chairman
Tore Andresen Chief Operating Officer
Pål Svenkerud CFO & Investor Relations Contact
Anita Marie Hjerkinn Aarnæs Director