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1H and Q2 2021 results

Loan growth and stable underlying credit quality


• Return to loan growth in Q2; on track for around 5% growth in 2021
• Stable underlying credit quality with high repayments in June contributing to improved credit performance
• 2021 profitability expected below 2020 as consumer credit demand lagged expectations and market changes 
have put pressure on yields
• Decision made to enter new country in 2022; loan growth and further efficiency measures expected to drive 
profit growth
• First dividend payout during Q2; solid capital position with capacity for continued growth and 
• The Board of Directors appointed Mr. Øyvind Oanes as new CEO, effective from 1 October 2021.


• Net loans increased by NOK 312 million during the quarter; adjusted for currency and forward flow effects 
the increase was NOK 261 million 
• Total income was NOK 241 million, down 5.9% compared to NOK 256 million in Q1 2021 driven by lower yield on 
the loan portfolio and negative return on liquid assets
• Total operating expenses increased to NOK 108 million from NOK 98 million in the previous quarter driven by 
the general wage settlement and investments in solidity and growth
• The cost/income ratio was 45%, up from 38% in Q1 2021 
• Profit after tax was NOK 50 million, a decrease of 20.3% from NOK 63 million in the previous quarter 
• Komplett Bank’s CET1 ratio decreased to 22.3% by end Q2 from 22.5% at end Q1 2021. The total capital ratio 
decreased to 25.4% from 26.1% due buy-back of tier 2 capital of NOK 42 million in the quarter

Commenting on the results, interim CEO Eirik Holtedahl, said: 

“I’m pleased to report growth in all geographical markets in Q2, following negative loan growth in Q1 and while Covid-19 restrictions continued to curb spending. Also, I’m happy to announce that we will next year be entering another market, which will contribute further to growth and diversification.

Yield pressure continued to weigh on the total income driven by changing market conditions and regulations. Going forward, we expect yields for new loans and overall risk adjusted returns to be stable.

While our foremost priority for the remainder of the year is to deliver sustainable growth, we are committed to improve our efficiency. We continue to 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.

We expect these efforts to contribute to improvements in total income, cost/income ratio and ROE, and to support our high ambitions for long-term growth and value creation”.

For further information, contact:

Investors: CFO Henning Fagerbakke
+47 95 46 37 20

Media: CEO Eirik Holtedahl
+47 96 91 22 91