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Q1 2021 results

Stable operations and improved credit quality

Highlights
• On track for 5-10% loan growth in 2021 after good development in March and April; increased customer amortisations in initial part of Q1
• Improvement in underlying credit quality and performance in the period
• Dividend capacity was strengthened, and the Bank paid out its first ever dividend during Q1

Financials
• Net loans decreased by NOK 319 million; adjusted for currency and forward flow effects the decrease was NOK 62 million
• Total income was NOK 256 million, up 0.6% compared to NOK 254 million in Q4 2020 – driven by an increase in net commission and fees
• Total operating expenses decreased to NOK 98.3 million from NOK 99.3 in the previous quarter million driven by lower general administration expenses
• The cost/income ratio was 38.4%, down from 39.0% in Q4 2020
• Profit after tax was NOK 63 million, a decrease of 5.6% from NOK 66 million in the previous quarter
• Komplett Bank’s CET1 ratio decreased to 22.5% by end Q1 from 22.7% at end Q4 2020. The total capital ratio decreased to 26.1% from 26.3%

Commenting on the results, CEO Jan Haglund, said:

“I am pleased that Covid-19 has had limited direct impact on our people and operations so far. Credit quality in the portfolio continued to improve during the quarter, and even though growth is more challenging short term, the medium to long term growth implication is likely limited.

We have seen sales picking up again in March and April and we are positive for the year in terms of growth. Our refinancing product continues to be a positive driver, and our target of 5-10% loan growth for 2021 remains.

Going forward, we will focus our efforts on improving customer acquisition processes, enhancing credit risk and collection performance and increasing our cost efficiency while ensuring a solid capital position with capacity for both growth and dividends.”

CEO Jan Haglund and CFO Henning Fagerbakke will present the Bank's results at
08:30 CEST. The presentation and the Q&A session will be conducted via
conference call and webcast.

The webcast can be followed at:
https://streams.eventcdn.net/komplettbank/2021q1/

Conference call dial in numbers, no pincode is required:

Canada: +1 6474848337
Denmark: +45 78150107
Finland: +358 923194478
France: +33 170750719
Germany: +49 6913803452
Italy: +39 0238594117
Norway: +47 23963688
Spain: +34 914192767
Sweden: +46 850558374
United Kingdom: +44 3333009274
United States: +1 8332498406

For further information, contact:

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

Media: CEO Jan Haglund
+46 70 600 2061
ir@komplettbank.no