Ziklo Bank, formerly Volvofinans Bank, which is half owned by the Volvo dealers and half by Volvo Cars, reported a decrease in income in the third quarter compared to the same period last year. Operating income decreased during the period.

Total revenues amounted to SEK 1,842 million (2,012).

Operating profit before credit losses amounted to SEK 250 million (317).

Loan losses amounted to SEK 6.1 million. Last year, credit losses amounted to SEK 5.9 million.

Operating profit amounted to SEK 244 million (311).

Net profit amounted to SEK 193 million (247).

The lending volume was SEK 44.4 billion (40.7) at the end of the quarter.

"We continue to build towards our vision of becoming the leading bank for the future of mobility", says CEO Joel Graffman.

He continues.

"As we enter the final phase of the year, despite the continued geopolitical uncertainty, we see some important bright spots. We expect improved purchasing power for both households and businesses in the years ahead, supported by lower interest rates and fiscal stimulus. We believe that individuals and small businesses will continue to shift to new electric vehicles, a key part of the transition where we also see reduced ownership costs through home or workplace charging," he said.

Ziklo Bank, SEKmQ3-2024 Q3-2023 Change in
Revenues 1 842 2 012 -8,4%
Operating profit before loan losses 250 317 -21,1%
Loan losses-6,1 -5,9
Operating profit/loss 244 311 -21,5%
Net result 193 247 -21,9%