Strong growth in net loans and low losses on loans contributed to a record high
profit of NOK 26.0 million before tax for Instabank. Profit is near doubled
compared to same quarter last year.

Instabank has increased its loan portfolio by as much as 19 per cent in the
first six months of 2021. Most of the growth came from mortgages, a product
launched less than a year ago. The mortgage loan portfolio is approaching NOK
600 million, and now accounts for 19 per cent of total lending, and 28 per cent
of lending in Norway.

Profit growth is even stronger than lending growth. From the first to the second
quarter, profit after tax increased by 40 per cent, from NOK 14 million to NOK
19.5 million. Compared to the second quarter of 2020, the growth is 97 percent.

- We are on track to reach our ambitious goal of increasing net loans by 1
billion in 2021. This implies a growth of more than 35 percent. The growth in
revenues has also given us a record high profit. The strategy of developing
Instabank into an increasingly more diversified bank has proven to be
successful, says Robert Berg, CEO of Instabank.

Low losses on loans:
In the second quarter, losses on loans were down to NOK 17 million (2.1 per cent
of net loans), which is lower than the first quarter and also lower than the
same quarter last year. The positive development is largely due to the fact that
growth in net loans comes from mortgages, where the level of losses is low, but
there is also improvement in consumer loans. The proportion of non-performing
loans is declining, and the bank is not experiencing any negative effects from
the pandemic.

- We expect the positive development for Instabank to continue in the second
half of 2021. The past year has proven that our organization is able to seize
new opportunities and turn them into significant results, says CEO Robert Berg
of Instabank.

Contact persons: 
Robert Berg, CEO, robert.berg@instabank.no 
Per Kristian Haug, CFO, perkristian.haug@instabank.no 

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

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