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Skandiabanken ASA third quarter 2016: Another solid quarter

Bergen, 9 November 2016: The Skandiabanken group made a net profit of NOK 154.1 million in the third quarter of 2016, compared to NOK 79.7 million in the third quarter of 2015. At the end of the quarter, total customer lending was NOK 61.1 billion, compared to NOK 55.1 billion in the third quarter of last year. Gross lending increased by 10.9 per cent compared to last year. The net interest margin increased to 1.67 (1.53) per cent.

Highlights (corresponding period last year in parentheses):
Net interest margin increased to 1.67 (1.53) per cent

  • Increased lending to customers - 10.9 per cent previous 12 months
  • Net interest income increased by 23.7 per cent to NOK 299.9 (242.4) million
  • Net fee and commission income increased to NOK 53.0 (46.7) million
  • Low loan losses - loss rate of 0.07 (0.06) per cent
  • Solid capitalisation - CET1 of 14.9 per cent 

"We have delivered another solid quarter, continuing our planned growth and increasing our profitability. At the same time we have maintained our competitive pricing. Beyond the numbers we are proud to be announced as winner of the yearly customer satisfaction rating by EPSI. This shows that we still have the most satisfied banking customers in Norway, and is a proof that the great effort made by all of our employees in the daily business secures satisfied customers and supports our growth." says Magnar Øyhovden, CEO of Skandiabanken ASA.

Net interest income increased to NOK 299.9 (242.4) million, as a result of increased net lending to customers and a higher net interest margin.

Operating expenses were NOK 140.2 (169.0) million in the quarter. Adjusted for one-off costs of NOK 5.3 million, operating expenses in the quarter were NOK 134.9 million, and thus in line with the development from previous quarters.

The net cost of losses in the quarter was NOK 11.3 (7.8) million and the loan-loss rate was 0.07 (0.06). At the end of the quarter, the bank had recorded total write-downs of NOK 135.0 million, compared to NOK 130.3 million at the end of the second quarter of 2016.

At the end of the third quarter, the bank had a core Tier 1 capital ratio of 14.9 per cent, a Tier 1 capital ratio of 16.3 per cent and a total capital ratio amounting to 18.1 per cent. At quarter-end Skandiabanken had a leverage ratio of 6.1 per cent, up from 5.3 per cent in the second quarter of 2016. The increase in the leverage ratio is mainly due to new calculation guidelines from the Norwegian FSA effective from the third quarter of 2016.

The ongoing process related to winding up remaining service agreements with the Swedish Skandia Group showed good progress in the quarter. The remaining projects are expected to be completed by the end of 2016, according to plan.

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
Ole Bernhard Larsen, Chief Communication Officer, Skandiabanken ASA, +47 959 40 045

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 30 September 2016, Skandiabanken had 386 000 active customers and total assets of NOK 70.7 billion. For more information, see

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