Instabank ASA , the Nordic challenger, has reported strong results for Q4 2023. The bank achieved a profit before tax of 32.8 MNOK, up 10% from Q4-22. The growth in gross loans in the quarter was 345 MNOK, bringing the total gross loans to 6,274 MNOK. Mortgage gross lending increased by 766 MNOK in 2023 to 2,524 MNOK, representing 40% of total gross loans. The bank successfully launched a credit line product forSmall & Medium Sized Enterprises (SME) in Q3-23 and reached 98 customers and gross loans of 68 MNOK at the end of Q4-23.Instabank continues to challenge established norms and find agile solutions to make everyday life easier for its customers. With a strong position in the Nordic market and 98,000 customers,Instabank is dedicated to improving the banking experience for both business and private customers. Comments from CEO,Robert Berg : "We are very pleased with the results we delivered in Q4-23, which demonstrate our ability to execute on our strategy and meet the customer demands in a competitive market. We have seen strong growth in both mortgage and SME lending, which are key segments for us. Our profit before tax was 32.8 MNOK, which is a 10 % improvement from the same quarter last year." "We are confident that we have a solid platform for further growth and profitability in 2024 and beyond. We continue to execute on our plans to transitionInstabank away from the consumer bank label towards a bank offering everyday products for both private customers and businesses. The proportion of the bank's lending inNorway in the form of mortgage loans and SME lending, has already exceeded 60%. This proportion will continue to grow in line with our strategy and plans moving forward." "As always in the bank's history, we will continue to deliver high-quality products and services to our customers, while maintaining a prudent risk management and cost control. We will also explore new opportunities to expand our product portfolio and customer base, both organically and through partnerships. We are grateful for the trust and support of our customers, shareholders, and employees, and we look forward to creating more value for them in the future."Instabank is listed on Euronext Growth at Oslo Børs, ticker INSTA. For more information, please see the full interim report for Q4 2023. For further information, please contact:Robert Berg , CEO +47 974 85 610Per Kristian Haug , CFO +47 952 38 717 This information is subject to the disclosure requirements of section 5-12 the Norwegian Securities Trading Act
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