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Skandiabanken ASA : Quarter characterised by quality growth opportunities

Bergen, 9 May 2017: The Skandiabanken group increased its net profit to NOK 164.8 million in the first quarter of 2017, compared with NOK 126.1 million last year. The increase in profit was primarily a result of strong growth in customer lending and the sale of a portfolio of non-performing loans in the quarter. At the end of the quarter, total customer lending amounted to NOK 67.9 billion, compared with NOK 58.4 billion at the end of the first quarter last year. This corresponds to a growth of 16.4 per cent previous 12 months. Return on equity was 13.7 per cent, compared with 12.3 per cent in the first quarter of last year.

Highlights (corresponding period last year in parentheses):

  • Quarter characterised by quality growth opportunities
  • Increased lending to customers - 16.4 per cent previous 12 months
  • Net interest income increased by 9.5 per cent to NOK 299.0 (273.0) million
  • Net interest margin of 1.63 (1.65) per cent
  • Solid capitalisation - CET1 of 14.5 per cent

"Financially we have delivered another strong quarter with a return on equity of 13.7 per cent. Skandiabanken's scalable business model and fair deal concept has demonstrated its strength in the Norwegian market, leading to a healthy growth in new customers and an annualised increase in customer lending of 16.4 per cent. Our user friendly services, fair and transparent prices and award winning customer service supports continued growth." says Magnar Øyhovden, CEO of Skandiabanken ASA.

In the quarter, Skandiabanken entered into an agreement to purchase 39.9 per cent of the shares in Quantfolio AS. Quantfolio develops software solutions for selection of securities and mutual funds, and the acquisition is part of the bank's strategy of increasing its efforts in the market for private savings.

Net interest income improved to NOK 299.0 (273.0) million, as a result of increased net lending to customers, partly offset by a marginally lower net interest margin.

Operating expenses were NOK 149.3 (142.1) million in the quarter. Adjusted for one-off costs related to the rebranding of the bank of NOK 3.4 million, operating expenses in the quarter were NOK 146.0 million.

The net cost of losses in the quarter was positive with NOK 20.4 (-8.3) million and the loan-loss rate was -0.13 (0.06). At the end of the quarter, the bank had recorded total write-downs of NOK 135.5 million, compared to NOK 148.4 million at the end of the fourth quarter of 2016.

At the end of the quarter, the bank had a core Tier 1 capital ratio of 14.5 per cent, a Tier 1 capital ratio of 16.1 per cent and a total capital ratio amounting to 18.2 per cent. At quarter-end Skandiabanken had a leverage ratio of 6.1 per cent, down from 6.3 per cent in the fourth quarter of 2016.

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 March 2017, Skandiabanken had 390 000 active customers and total assets of NOK 77.1 billion. For more information, see

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