In the 3rd quarter, Instabank ASA had a net profit after tax of NOK 28.2
million, a 53 % increase from the same quarter last year. The bank is now
entering the corporate market and is thus taking up the fight against the big
banks.

Growth in net lending is record high, with an increase of NOK 466 million.
Instabank is one of Norway's fastest growing banks and has so far in 2023
increased net lending by more than one billion NOK.

- We offer products that customers want at competitive terms. We believe this is
the main reason why we are now among Norway's fastest-growing banks. At the same
time, we keep costs down, and a cost-effective bank is good for both customers
and shareholders, says CEO Robert Berg.

Entering the corporate market:
In the 3rd quarter, Instabank launched corporate loans. At the end of the
quarter, the bank had granted loans to 48 small and medium-sized companies with
a total lending volume of NOK 37 million.

- Smaller companies may find that they do not get enough attention from the big
banks and we see corporate loans as a large market going forward. The response
so far has been good, and we therefore have great faith that the corporate
market will be an important growth driver for us in the coming quarters,
continues Berg.

Strong cost improvement and moderate loan losses:
Operating costs in the quarter accounted for 37.6 % of revenues. This is a sharp
drop from 44.1 % in the same quarter last year. Losses as a percentage of
lending also decreased compared to the third quarter of 2022, falling 0.2
percentage points to 2.3 %.

- We now see that we are taking advantage of economies of scale and can grow
significantly without increasing the cost base. At the same time, the
development in losses on loans shows that we have good control over the loan
portfolio, says Berg.

Well-prepared for tougher times:
By being cost-efficient, Instabank can offer competitive terms to clients, and
the bank is able to compete for the best loan customers. This helps to mitigate
the risk in the loan portfolio and therefore makes the bank better prepared for
demanding market conditions.


- Good credit craftsmanship will always be the core of a good bank. Our good
cost position and competitive pricing provide a strong influx of attractive
customers, while maintaining good credit quality in the portfolio. Together with
solid capital coverage, this makes us well prepared at a time when many
borrowers see tighter finances, explains Berg.

For further information, please contact: 
Robert Berg, CEO +47 974 85 610 
Per 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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© Oslo Bors ASA, source Oslo Stock Exchange