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Skandiabanken ASA fourth quarter 2015: The challenger bank increases market share and improves profitability

Bergen 9 February 2016: The Skandiabanken group made a net profit of NOK 106.0 million in the fourth quarter, compared to NOK 67.0 million in the fourth quarter of 2014. At the closing of the fourth quarter, the bank had total loans to customers of NOK 56.9 billion, compared to NOK 51.1 billion at the same time last year. Net interest margin increased to 1.59 percent (1.42).
Highlights (corresponding period last year in parenthesis):

· Net interest margin increased to 1.59 percent (1.42)
· Continued strong growth in loans to customers, 11.4 percent last 12 months
· Increase in net interest income of 19.4 percent to NOK 260.3 million (218.0)
· Continued low loan loss rate, 0.06 percent (0.16)
· Cost-to-income ratio reduced to 49.0 percent (53.6)
· Earnings before tax NOK 140.9 million (97.4)
· Solid capitalisation supports growth - CET1 of 14.5 percent
- We continue our planned growth, and increase our profitability. During a period where the separation from Skandia, and the IPO-process, has required time and attention by the organisation, this is a job well done by all employees, says CEO of Skandiabanken ASA, Magnar Øyhovden.
To ensure a continuous competitive offering, and following changes in the money market interest rates, the bank carried out its fourth interest rate reduction for the year, during the fourth quarter. Through adjustments to both lending and deposit rates, and further development of the banks funding, the net interest margin has increased from 1.42 percent to 1.59 percent over the last four quarters. The improvement from the third to the fourth quarter in 2015 is mainly related to the transition from the Swedish to the Norwegian deposit guarantee scheme, with a corresponding effect on other interest rate expenses.
The strong growth in lending volumes, together with the improved interest rate margin, has resulted in a 19.4 percent increase in net interest income to NOK 260.3 million (218.0) in the fourth quarter.
Operating expenses increased to NOK 144.0 million (135.9). One-off costs were NOK 13.5 million in the quarter.
In the fourth quarter loan losses were NOK 9.1 million (20.4), corresponding to loan loss rate of 0.06 percent (0.16). At the end of the quarter, the bank had recorded total write-downs of NOK 112.3 million, compared to NOK 99.2 million at the end of the fourth quarter of 2014.
During the fourth quarter Skandiabanken issued Tier 1 perpetual debt, Tier 2 Dated subordinated debt and new shares. At the end of the quarter, the group had a CET1 of 14.5 percent and a total capital ratio of 17.8 percent.
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 listed on the Oslo Stock Exchange on 2 November 2015.
A detailed financial report for the group and for Skandiabanken ASA is attached to this notice. The report for the wholly-owned subsidiary, Skandiabanken Boligkreditt AS, is distributed separately.
Contact details, investor relations
Magnar Øyhovden, CEO Skandiabanken ASA, +47 959 40 038
Henning Nordgulen, CFO, Skandiabanken ASA, +47 952 65 990
Media contact
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. As of 31 December 2015, Skandiabanken had 380 731 account customers with a balance, and total assets of NOK 65.6 billion. For more information, see 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.