The group's comprehensive income amounted to NOK 400 million in the second quarter of 2017, corresponding to an earnings growth of NOK 71 million compared with the first quarter of 2017. The earnings growth is explained by loan growth, stable margins, good cost control and stable credit quality. The results are characterized by improvements in all markets and is impacted by a gain of SEK 42 million from the sale of non-performing loans in Sweden.
The strong customer and loan growth continued in the second quarter, with a loan growth of NOK 1.7 billion, while deposits increased NOK 2.7 billion. The bank recruited 83,000 customers in the second quarter. At the end of the second quarter the bank had a customer base of 1,101,000 customers, which can be broken down into 788,500 credit card customers, 160,800 loan customers and 151,700 deposit customers.
The Bank Norwegian credit card was recently awarded "Best Affinity Credit Card for the Europe/Africa region" by the Freddie Awards.
The bank has a broad Nordic platform and lending volumes grow faster outside Norway. Enacted regulations from the Norwegian regulators are estimated to have a more limited impact on the bank's development going forward.
The bank has attained the current minimum capital requirements and is well positioned for further growth.
Bank Norwegian is a wholly owned subsidiary of the listed company Norwegian Finans Holding ASA. Bank Norwegian started its operations in November 2007 and offers consumer loans, credit cards and deposit accounts to retail customers distributed through the Internet in the Nordic market. The bank offers, in cooperation with the airline Norwegian, a combined credit card and reward card. The bank started operations in Sweden in May 2013. In December 2015 the bank launched operations in Denmark and Finland, where it initially offered consumer loans and deposit accounts, while credit cards were launched in June 2016.
Bank Norwegian is a digital bank offering simple and competitive products to the retail market. The operations are based on leading digital solutions, synergies with the airline Norwegian, attractive terms for our customers, cost-effective operations and effective risk selection.
For further information, see the report for the second quarter 2017 and the investor presentation for the second quarter 2017 available at:
If you have questions you may call;
CFO Pål Svenkerud; phone: +4793403904
CEO Tine Wollebekk; phone: + 4740805557
Norwegian Finans Holding ASA report for the second quarter 2017
Regnskapsrapport Bank Norwegian AS 06 2017
Regnskapsrapport Norwegian Finans Holding ASA 06 2017
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norwegian Finans Holding ASA via Globenewswire