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Bergen/Oslo, 4 November 2015: Skandiabanken ASA (ticker SKBN) presents earnings for the third quarter of 2015 Skandiabanken AB NUF.
Highlights (corresponding period last year in parenthesis):
Skandiabanken AB NUF achieved a net profit of NOK 79.7 million in the third quarter, compared to NOK 106.3 million in the third quarter of 2014. At the closing of the third quarter, the bank had net loans to customers of NOK 55.0 billion, compared to NOK 49.1 billion at the same time last year.
- We continue our solid growth in lending and income. Over the last year, our loan volume has increased by 12.2 percent, while net interest income has increased by 14.2 percent. In the third quarter we achieved a lending growth of four percent says, CEO of Skandiabanken ASA, Magnar Øyhovden.
In order to maintain our competitiveness, and due to changes in the money market, the bank reduced interest rates on home loans by 0.2 percentage points at the end of the quarter, with effect for existing customers from 30 November 2015. The interest rate on car loans was reduced by 0.45 percentage points. The interest rates on various deposit products were simultaneously reduced by between 0.1 and 0.5 percentage points.
Operating expenses increased from NOK 107.2 million to NOK 169.0 million from the third quarter 2014 to the third quarter 2015.
- The increase in operating expenses is mainly caused by one-off costs related to establishing Skandiabanken as an independent Norwegian bank, and prepare the bank for an IPO. In addition we are, in line with our business plan, building up capacity in order to take over operations which up til now has been handled by our Swedish owners, says Øyhovden.
The business operations in Skandiabanken AB NUF were with effect from 5 October 2015 continued, under Norwegian regulations, in the public limited liability company Skandiabanken ASA. This company was liste on the Oslo Stock Exchange on 2. November 2015.
In the third quarter loan losses were NOK 7.8 million (5.8), corresponding to loan loss rate of 0.06 percent (0505).
Contact details, investor relations
Magnar Øyhovden, CEO Skandiabanken ASA, +47 959 40 038
Henning Nordgulen, CFO, Skandiabanken ASA, +47 952 65 990
Leif-Kjartan Bjørsvik, Head of communications, Skandiabanken ASA, +47 900 41 162
About Skandiabanken ASA
In April 2000, Skandiabanken was launched as the first pure digital bank in Norway. Today, the Bank offers a comprehensive range of financial products and services to individuals and households in Norway within payments and card services, deposit-based savings, investment products, long-term loans and short-term loans. The Bank has no branches and all products and services are offered directly through the digital platform which is available on a broad range of user devices. Skandiabanken has 380,000 account customers with a balance, and total assets of NOK 62 billion. For more information, see
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