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H1 and Q2 Results 2022

Encouraging initial results from strategic initiatives, stable profitability and solid capital position.

CEO Øyvind Oanes, commenting on the results: 

“Early in 2022, Komplett Bank defined a set of strategic initiatives to reposition the Bank for accelerated growth. With a continued high volume of loan applications, our initiatives are focusing on product performance, process automation and tech simplification with the aim to increase throughput.

As we conclude the first half of 2022, we are happy to announce that these efforts are yielding encouraging initial results. Multiple improvements have now been implemented across our focus areas during H1 2022. As a result, the Bank experienced an increase in conversion rates across markets segments in Q2 versus Q1 and delivered all-time-high new sales in June-July. While sales and underlying loan growth have increased, yields and credit risk have remained stable. Further, sales growth has continued into Q3, and we expect this trend to continue throughout H2 2022 and beyond. However, some near-term pressure on net yield is to be expected as increasing deposit rates are coming into effect from Q3.

Long-term, we consider an efficient business model to be key to succeed and our initiatives to improve processes also enable us to bring down costs going forward. During H2, we expect to initiate further actions aimed at reducing the Bank´s annual run-rate opex by more than 15% with effect from 2023.

Last quarter, we announced clear organic ambitions for growth, cost efficiency and returns for the medium term. Our increasingly solid capital position, initiatives progressing according to plan, and the encouraging results increase our confidence in accelerated growth and value creation for Komplett Bank over the coming years.”

See the announcement on Oslo Børs here.