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Skandiabanken ASA first quarter 2016: A solid quarter from the challenger bank

Bergen, 11 May 2016: The Skandiabanken group made a net profit of NOK 126.1 million in the first quarter of 2016, compared to NOK 106.0 million in the first quarter of 2015. At the end of the quarter, total customer lending was NOK 58.4 billion, compared to NOK 52.2 billion for the first quarter of last year, an increase of 11.8 per cent over the previous twelve months. The net interest margin increased to 1.65 (1.46) per cent.

Highlights (corresponding period last year in parentheses):

  • Net interest margin increased to 1.65 (1.46) per cent
  • Continued strong growth in lending to customers - 11.8 per cent over the previous 12 months
  • Net interest income increased by 21.3 per cent to NOK 273.0 (225.1) million
  • Continued low loan losses - loss rate of 0.06 (0.04) per cent
  • Solid capitalisation - CET1 of 14.5 per cent

"We have delivered a solid quarter, continuing our planned growth and increasing our profitability. Beyond the numbers we are proud to have the most satisfied customers in banking for the fifteenth year in a row, as noted by Norway's most recognised customer satisfaction index, Norsk Kundebarometer. Understanding our customers' needs and including them in the Bank's development has been and will continue to be an important factor in our continued success," says Magnar Øyhovden, CEO of Skandiabanken ASA.

To ensure a competitive offering, and following changes in money market interest rates, the bank has lowered its interest rate level for home loans and deposit products with effect from 30 March. The bank has managed to balance the adjustments to lending and deposit rates. The reduction in money market rates and the reduced fee to the Norwegian Banks' Guarantee Fund have had a positive impact on the net interest margin.

Net interest income has increased to NOK 273.0 (225.1) million, as a result of increased net lending to customers and a higher net interest margin.

Operating expenses were NOK 142.0 (110.8) million in the quarter. Adjusted for one-off costs of NOK 8.3 million, operating expenses in the quarter were NOK 133.7 million, and thus in line with development from previous quarters.

The net cost of losses in the quarter was NOK 8.3 (5.6) million, and the loan-loss ratio was 0.06 (0.04). At the end of the quarter, the bank had recorded total write-downs of NOK 117.7 million, compared to NOK 112.3 million at the end of the fourth quarter of 2015.

At the end of the first quarter, the bank had a core Tier 1 capital ratio of 14.5 per cent, a Tier 1 capital ratio of 16.0 per cent and a total capital ratio amounting to 17.8 per cent.

The ongoing process of phasing out the remaining service agreements with the Skandia Group showed good progress in the quarter. By the end of the first quarter all new functions had been established and manned

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
Brede Selseng, Head of IR Skandiabanken ASA, +47 971 62 171
Henning Nordgulen, CFO, Skandiabanken ASA, +47 952 65 990

Media contact
Nina Dyrøy, Communication Advisor, Skandiabanken ASA, +47 959 40 020

About Skandiabanken ASA
In April 2000, Skandiabanken was launched as the first purely 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 March 2016, Skandiabanken had 382 000 customers and total assets of NOK 66.5 billion. For more information, see

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.