Highlights o Non-Performing Loan (NPL) portfolios totalingNOK 1.4 billion sold in October o Overall NPL ratio down from 22% to 9% after completion of transaction o Forward flow agreements established for portfolios inSweden andFinland o Increase of Loan-Loss-Provisions (LLP) following review of all portfolios o Loss ofNOK 356 million in third quarter driven by NPL sales and LLP increase o Loan book up by 3.2% toNOK 8.6 billion in third quarter adjusted for one-off o Reported net loans was down 3.9% in third quarter o Yield on performing loans at 12.5% in third quarter, down from 12.9% in previous quarter o Return on equity (ROE) based on the target capital adjusted for one-offs was 13.4% in third quarter o Solid CET1 ratio of 18.8% in third quarter, well above the 17.0% requirement o CET1 ratio after completion of NPL sales estimated at 20% Commenting on the results, CEO Øyvind Oanes, said: "Despite the underlying volume growth, we have seen a downward trend in profitability over several quarters. We have already established a roadmap to turn this trend, and are considering several measures to to improve profitability across our products and markets. Important elements will be to identify and drive actions to improve sales and margins, and a thorough review of the product portfolio to secure effective capital allocation. Other important parts of this roadmap are measures for efficiency improvement such as process optimisation, streamlining of structures and cost reduction initiatives.Komplett Bank has executed a set of strong actions to de-risk the balance sheet. The risk inKomplett Bank is now significantly reduced and the Bank is solid. This gives us the necessary comfort and we have started on setting the stage for the further evolution of the Bank. We look forward to go deeper into our plans at the fourth quarter presentation." The interim report and presentation are attached to this release and available at ir.komplettbank.com CEO Øyvind Oanes and CFOHenning Fagerbakke will present the Bank's results today at08:30 CEST . The presentation and the Q&A session will be conducted via Teams, see invite at https://ir.komplettbank.com/reports-and-presentation/ For further information, contact: Investors: CFOHenning Fagerbakke +47 95 46 37 20 ir.komplettbank.no Media: CEO Øyvind Oanes +47 98 90 60 60 AboutKomplett Bank ASA Komplett Bank is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts and online point-of-sales finance products to consumers. The target group is creditworthy customers with stable personal finances and no payment remarks. Credit risk is managed largely by automated processes for credit assessment and underwriting. The Bank has a diversified and balanced distribution model utilizing both public and proprietary channels. Operational efficiency and low cost is a foundation forKomplett Bank and is enabled by centralized operations, modern systems and digital set-up. This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Thisstock exchange announcement was published byHenning Fagerbakke , CFO,Komplett Bank ASA , on28 October 2021 at07:00 CEST .
Click here for more information
© Oslo Bors ASA, source