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Q2 2020 results – stable loan loss ratio and operations


• Losses on loans amounted to NOK 82.9 million in the second quarter, corresponding to a loan loss ratio of 3.8%

and an improvement from NOK 132.2 million in Q1 2020.

- Loan loss reservations related to macro adjustments in Q2 was NOK 14.2 million, compared to NOK 50 million in Q1.

- Excluding the additional macro related loan loss reservations, the loan loss ratio was 3.2% in Q2

• Komplett Bank continued to be prudent in risk selection during Q2 2020, contributing to a decrease in net loans by NOK 418 million.

- Adjusted for currency effects, net loans decreased by NOK 278 million

• Total income for Q2 2020 was NOK 286.2 million, down 1.5% compared to NOK 290.6 million in Q1 2020, driven by reduced new lending

• Total operating expenses increased to NOK 100.4 million, compared to NOK 97.0 million in Q1, driven by additional administrative costs related to further strengthening risk and collection capabilities.

- The Bank expects the administrative costs to decline to Q1 level in the third quarter as several initiatives have been completed.

• Profit after tax was NOK 77.0 million, up from NOK 45.9 million in Q1

• Return on equity (ROE) was 16.1%, up from 10.1% in Q1

• Komplett Bank’s CET1 ratio increased to 21.8% by end Q2 from 20.9% at end Q1. Total capital ratio increased to 25.3% by end Q2 from 22.1% after a successful NOK 200 million AT1 placement in June

Commenting on the results, CEO Jan Haglund, said:

“In the second quarter of 2020, most of our organisation continued to work from home as our priority remains: to safeguard the health of our employees and their families, while helping our customers through these trying times. I am proud of how our dedicated employees have adjusted to the situation over the past months, maintaining their energy and drive both in serving our customers and in improving our operations.

Over the past 21 months, Komplett Bank has systematically implemented measures to improve credit quality. I am satisfied to see default levels continuing to decline in Q2. The positive trend continued into July.

In terms of the impact of Covid-19 going forward, uncertainty remains. We monitor and track the situation closely. We have not seen any negative effects of Covid-19 on credit quality so far.

Komplett Bank has an efficient and robust business model, and the profitability, solidity and flexibility to weather the potential impacts from Covid-19. As a response to the pandemic, we introduced stricter credit policies. Despite continuing to be prudent in terms of risk selection, we increased onboarding of new customers in June. I expect us to be more balanced in terms of growth in Q3, and that we return to net loan growth again towards the end of the year.

By maintaining focus on serving our customers and on executing on our strategic priorities, I am confident that we will continue to strengthen our competitive position going forward.”

The quarterly report and presentation are attached to this release and available at

CEO Jan Haglund and CFO Henning Fagerbakke will present the Bank's results at 09:30 CEST. The presentation and the Q&A session will be conducted via conference call and webcast.

CEO Jan Haglund and CFO Henning Fagerbakke will present the Bank's results at 09:30 CEST. The presentation and the Q&A session will be conducted via conference call and webcast.

The webcast can be followed at:

Conference call dial in numbers:

Norway: +47 23963938

Sweden: +46 850558365

Finland: +35 8923194478

Denmark: +45 78723252

United Kingdom: +44 3333009270

United States: +1 8335268396

Germany: +49 69222220377

France: +33 170750719

Italy: +39 0236013851

Spain: +34 914192768

Canada: +16 474848336

No pincode is required

For further information, contact:


Henning Fagerbakke, CFO

+47 95 46 37 20


Jan Haglund, CEO

+46 70 600 2061