Bank Norwegian - STRONG GROWTH AND EARNINGS DEVELOPMENT IN BANK NORWEGIAN

STRONG GROWTH AND EARNINGS DEVELOPMENT IN BANK NORWEGIAN

Newsdesk 12/8 05:00

STRONG GROWTH AND EARNINGS development IN BANK NORWEGIAN

The group?s comprehensive income amounted to 221.5 million kroner, compared with 164.9 million kroner in the first quarter of 2016.


The bank delivers strong earnings growth in all markets. The earnings growth is explained by strong loan growth, stable margins, good cost control and stable credit quality.


The strong customer and loan growth continued in the second quarter, with a loan growth of 2,380 million kroner, while deposits increased 3,713 million kroner. The bank recruited 81,300 new customers in the second quarter.

As a result of strong growth, the bank completed a private placement totalling 340 million kroner in the second quarter and Norwegian Finans Holding ASA was listed on the Oslo Stock Exchange on June 17, 2016 with the ticker code NOFI.

Bank Norwegian has a strong capital position with a common equity tier 1 ratio of 14.0%.

The bank maintained its strong liquidity position in the second quarter due to strong growth in deposits.

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.

At the end of the second quarter of 2016 the bank had a customer base of 757,900 customers, which can be broken down into 543,000 credit card customers, 113,300 loan customers and 101,600 deposit customers.

Bank Norwegian is an internet based bank offering simple and competitive products to the retail market. The operations are based on leading e-commerce 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 of 2016 and investor presentation for the second quarter 2016 available at:

https://www.banknorwegian.se/OmOss/InvestorRelations?year=2016

If you have questions you may call;

CEO Erik Jensen; phone: +4792634501 or
CFO Pål Svenkerud; phone: +4793403904
https://www.banknorwegian.se


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