The Group's comprehensive income in the fourth quarter 2019 amounted to
The Group's comprehensive income in 2019 amounted to NOK 1 981 million after tax, compared with
The Board of Directors in
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
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
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
Bank Norwegian started its operations in
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
CFO
Head of Treasury Mats Benserud; phone: +47 95891539
Head of Communications and Public Affairs
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
- Report for the fourth quarter 2019 BN
- Report for the fourth quarter 2019 NFH
Norwegian Finans Holding Group fourth quarter 2019 results presentation
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