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Skandiabanken ASA : Continued strong growth in loans and savings

Bergen, 11 August 2017: The Skandiabanken group recorded a net profit of NOK 154.7 million in the second quarter of 2017, compared with NOK 359.4 million in the second quarter of last year. The net profit in the second quarter of 2016 was positively affected by a profit of NOK 228.3 million from Visa Inc.'s acquisition of Visa Europe. The increase in the adjusted profit of NOK 23.6 million is primarily a result of strong growth in customer lending and the sale of a portfolio of non-performing loans in the quarter.

At quarter-end, total customer lending amounted to NOK 71.1 billion, compared with NOK 60.2 billion at the end of the second quarter of 2016. This corresponds to a growth of 18.1 per cent past twelve months. Return on equity was 12.4 per cent.

Highlights (corresponding period last year in parentheses): 

  • Continued strong loan growth - 18.1 per cent past 12 months
  • Strong growth in FuM - 18 per cent growth in Net Client Cash Flow past 12 months
  • Net interest income increased by 5.1 per cent to NOK 310.6 (295.5) million
  • Net interest margin of 1.57 (1.72) per cent

"We have delivered another strong quarter with a growth in lending of 18.1 per cent past twelve months and a healthy growth in the number of new customers. Solid growth and good cost control lead to a return on equity of 12.4 per cent. Besides strong financial performance, Skandiabanken was reported as having the most satisfied customers in the Norwegian banking industry for the 16th consecutive year, as well as the most loyal customers in the industry. On the Capital Markets Day in June, we announced that Skandiabanken will strengthen its offering with new products and services in savings and insurance, and expand into the market for small SMEs. By this we will make our user friendly services, fair and transparent prices and award winning customer service available to a larger share of the Norwegian retail market." says Magnar Øyhovden, CEO of Skandiabanken ASA.

Net interest income increased to NOK 310.6 (295.5) million as a result of increased net lending to customers, partly offset by a lower net interest margin.

Operating expenses amounted to NOK 144.4 (141.5) million in the quarter. Adjusted for one-off costs of NOK 2.2 million related to the rebranding process, operating expenses amounted to NOK 142.2.

Net write-downs on loans amounted to NOK 10.2 (13.9) million in the quarter. The net cost of losses amounted to NOK 10.8 (20.0) million, and the loan-loss ratio was 0.06 (0.14). The net cost of losses was positively affected by NOK 7.8 million from the sale of a portfolio of non-performing unsecured credit in the quarter. Adjusted for the sale the underlying loan-loss ratio was 0.11.

At the end of the quarter, the bank had a core Tier 1 capital ratio of 14.4 per cent, a Tier 1 capital ratio of 16.0 per cent and a total capital ratio amounting to 17.9 per cent. At quarter-end Skandiabanken had a leverage ratio of 5.9 per cent, down from 6.1 per cent in the first quarter of 2017. The capital ratios include 90 per cent of retained earnings from the first half year of 2017.

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 June 2017, Skandiabanken had 390 000 active customers and total assets of NOK 81.9 billion. For more information, see

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