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Skandiabanken ASA : Strong growth in savings and continued good cost control

Bergen, 2 November 2017: The Skandiabanken group recorded a net profit of NOK 165.0 million in the third quarter of 2017, compared with NOK 154.0 million in the third quarter last year. The increase in profit was primarily a result of strong growth in customer lending.

At quarter-end, total customer lending amounted to NOK 72.0 billion, compared with NOK 61.1 billion at the end of the third quarter of 2016. This corresponds to a year-on-year growth of 17.8 per cent. Return on equity was 13.0 per cent, compared with 13.5 per cent in the third quarter of 2016. The cost-to-income ratio was 38.3 per cent, compared with 39.5 per cent in the third quarter of 2016.

Highlights (corresponding period last year in parentheses):

  • Cost-to-income ratio reduced to 38.3 (39.5) per cent
  • Strong growth in FuM - 33.9 per cent last 12 months
  • Net interest margin of 1.63 (1.67) per cent
  • Rated by EPSI as the bank with the most satisfied customers
  • The General Meeting approved change of name to Sbanken

"Financially we have delivered another strong quarter. Solid fee and commission income and good cost control lead to a return on equity of 13.0 per cent. The quarter was characterised by the release of several new saving products and good growth in FuM. Besides strong financial performance, Skandiabanken experienced god growth in new customers and was again reported as having the most satisfied customers in the Norwegian banking industry by EPSI. We look forward to delivering the same user friendly services, fair and transparent prices and award winning customer service, also after changing name to Sbanken on 6 November." says Magnar Øyhovden, CEO of Skandiabanken ASA.

Net interest income increased to NOK 331.4 (299.9) million as a result of increased net lending to customers, partly offset by a slightly lower net interest margin. Net commission and fee income increased to NOK 54.2 (53.0) million in the third quarter, up from NOK 39.5 million in the second quarter of 2017.

Operating expenses amounted to NOK 147.3 (140.2) million in the quarter. Adjusted for one-off costs of NOK 6.2 million related to the rebranding process, operating expenses amounted to NOK 141.1 million, thus in line with previous quarters. Adjusted for one-off costs, the cost-to-income ratio in the quarter was 36.7 per cent.

Net write-downs on loans amounted to NOK 16.0 (5.7) million in the quarter. The net cost of losses amounted to NOK 19.8 (11.3) million. The loan-loss ratio was 0.11 (0.07), and thus in line with previous quarters.

At the end of the quarter, the bank had a core Tier 1 capital ratio of 14.7 per cent, a Tier 1 capital ratio of 16.2 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, up from 5.9 per cent in the second quarter of 2017. The capital ratios include 90 per cent of retained earnings from the first nine months 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 September 2017, Skandiabanken had 430 000 active customers and total assets of NOK 81.6 billion. For more information, see

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