Highlights January-
- In November, Nordax completed the acquisition of
Bank Norwegian which affects the comparability versus the previous period - Nordax's offering now includes credit cards, as well as new lending on the Danish, German and Spanish markets
- Total lending amounted to
SEK 70.7 billion (SEK 27.7 billion as at31 December 2020 ) - Personal loans and credit cards amounted to
SEK 58.0 billion (SEK 17.8 billion as at31 December 2020 ) - Mortgage lending (mortgage loans and equity release mortgages) amounted to
SEK 12.7 billion (SEK 9.8 billion as at31 December 2020 ), comprising 18% of total lending - Nordax's savings offering displayed continued inflows and total deposits grew to
SEK 67.4 billion (SEK 24.2 billion as at31 December 2020 ) - Operating losses amounted to
SEK -33 million (704), driven by non-recurring effects in connection with the acquisition ofBank Norwegian
Business development personal loans and credit cards
Nordax continued to report a steady increase in personal loans, with increased growth in the fourth quarter. In total, underlying volumes increased by
As at 31 December, the total volume of personal loans and credit cards amounted to
Business development mortgage loans
Nordax began offering mortgages in
New lending has continued to develop well in both
Business development equity release mortgages
The portfolio continued to develop well in 2021, with stable new lending. The market for equity release mortgages has a good development potential and SHP has a strong brand within the customer group, with continued strong customer interest. The total volume amounted to
Portfolio development
Total lending as at 31 December amounted to
Results January-
- There was an operating loss for January-
December 2021 ofSEK -33 million (704). This transition from profit into loss is partly driven by the effects of the accounting treatment of credit losses in connection with the acquisition ofBank Norwegian and partly by increased costs relating to the acquisition. -
Net interest income for January-
December 2021 amounted toSEK 2,532 million (1,753). Net interest income rose primarily as a result of the acquisition and consolidation ofBank Norwegian , but also through increased lending. Net interest income was negatively affected, however, by an increase in costs relating to the financing of the acquisition. -
Credit losses for January-
December 2021 amounted toSEK -1,013 million (-416), which corresponds to 2.1 percent (1.6) of average lending. The main reason for the large increase in credit losses is previously reported credit loss reserves in Stages 1 and 2 atBank Norwegian , which at the time of acquisition constitute the majority of the initial accounting effect ofSEK 537 million . -
Operating expenses for January-
December 2021 totalledSEK -1,650 million (-694). This increase is primarily the result of the acquisition and consolidation ofBank Norwegian , but also of increased investment in the business, as well as a comparison period affected by specific cost savings relating to lower levels of activity because of COVID-19. The acquisition process forBank Norwegian had a negative impact on costs during the period of approximatelySEK 563 million .
For further information, please contact:
Tel: +46 760 32 69 70
Email: ir@nordax.se
About Nordax
Read more about Nordax at http://www.nordaxgroup.com
https://news.cision.com/nordax-bank-ab/r/year-end-report-january-december-2021-nordax-bank-ab,c3515376
https://mb.cision.com/Main/7708/3515376/1541717.pdf
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