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Skandiabanken ASA : Continued profitable growth

Bergen, 9 February 2017: The Skandiabanken group increased its net profit to NOK 149.7 million in the fourth quarter of 2016, compared to NOK 106.0 million last year. The increase in profit was primarily a result of strong growth in customer lending and increased net interest margin. At year end, total customer lending was NOK 63.5 billion, compared to NOK 56.9 billion at year end 2015, corresponding to an annual growth rate of 11.6 per cent. The net interest margin in the quarter increased to 1.74 per cent from 1.59 per cent in the fourth quarter of 2015. Return on equity was 12.7 per cent compared to 12.1 per cent in the fourth quarter of last year

Highlights (corresponding period last year in parentheses):

  • Net interest margin increased to 1.74 (1.59) per cent
  • Strong growth in lending to customers - 11.6 per cent previous 12 months
  • Net interest income increased by 18.8 per cent to NOK 309.3 (260.3) million
  • Net fee and commission income NOK 42.1 (32.4) million
  • Low loan losses - loss rate of 0.09 (0.06) per cent
  • Solid capitalisation - CET1 of 14.9 per cent

 "Financially we have delivered another strong quarter with a return on equity of 12.7 per cent. Skandiabanken has the most satisfied bank customers in Norway and an annual growth rate of 11.6 per cent confirms that our popularity increases. Our strong capital position, user friendly services, fair and transparent prices support future growth." says Magnar Øyhovden, CEO of Skandiabanken ASA.

Net interest income improved to NOK 309.3 (260.3) million, as a result of increased net lending to customers and a higher net interest margin.

Operating expenses were NOK 140.7 (144.0) million in the quarter. Adjusted for one-off costs of NOK 5.1 million, operating expenses in the quarter were NOK 135.6 million, and thus in line with the previous quarters.

The net cost of losses in the quarter was NOK 13.6 (9.1) million and the loan-loss rate was 0.09 (0.06). At the end of the quarter, the bank had recorded total write-downs of NOK 148.4 million, compared to NOK 135.0 million at the end of the third quarter of 2016.

At the end of the 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 18.0 per cent. At quarter-end Skandiabanken had a leverage ratio of 6.3 per cent, up from 6.1 per cent in the third quarter of 2016.

The process of replacing the remaining service agreements with the Swedish Skandia Group with new third party agreements was completed in the quarter within planned time and cost.

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 31 December 2016, Skandiabanken had 390 000 active customers and total assets of NOK 71.2 billion. For more information, see

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