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Financial update in relation to contemplated AT1 issue

Komplett Bank has mandated ABG Sundal Collier and Pareto Securities for a potential issue of perpetual Additional Tier 1 bonds, subject to market conditions.

In relation to the contemplated Tier 1 bond issue and with reference to the operational and financial update on 25 March 2020, Komplett Bank wishes to provide the market with a brief financial update.

As previously reported, Komplett Bank has been prudent in onboarding new customers during Q1 2020, and this practice has continued into April and May 2020. Net loan growth adjusted for currency effects was negative by NOK 211 million in the first two months of Q2 2020. Total net loans at 31 May 2020 was NOK 8,427 million. 

Underlying credit performance continued to develop positively, continuing the trend observed in Q1 2020. The loan loss ratio for April and May was 3.6% compared to 3.8% in Q1 2020 and 5.6% in Q4 2019, with no new model parameter adjustments for April and May. Unaudited profit after tax came in at NOK 57 million for the first two months of Q2 2020.

At the end of Q1 2020, Komplett Bank reported a CET1 capital ratio of 20.9%, well above the current capital requirement of 17.0%. The CET1 capital ratio at the end of May 2020 increased to 21.1%, before including the unaudited profit for the first two months of Q2 2020. 

For additional information, please contact:

Investors
Henning Fagerbakke, CFO
+47 95 46 37 20
ir@komplettbank.no

Media
Jan Haglund, CEO 
+46 70 600 2061
jan.haglund@komplettbank.no