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Q4 2019 results

Moderate growth and results impacted by loan loss provisions

Net loan growth of NOK 134 million, NOK 259 million adjusted for NPL sales and FX effects
Losses on loans of NOK 222 million, of which NOK 105 million were due to additional loan loss provisions
Loan loss ratio was 5.6% adjusted for additional provisions
Net result of NOK -15.4 million, NOK 63 million adjusted for additional loan losses. Full-year 2019 profit after tax was NOK 203 million 
ROE was -3.4% in Q4 2019, 13.6% adjusted for additional loan loss provisions, down from 18.1% in Q3 2019. ROE was 12% for the full year 2019
CET1 ratio was 21.3% down from 22.5% in Q3 2019, well above the 19.3% financial target

Financial review
In Q4 2019, net loans grew by NOK 134 million, driven primarily by loans Finland and Sweden, which grew by NOK 125 million and NOK 102 million, respectively. Net loan growth for Point-of-sales finance was NOK 105 million in the quarter, a substantial increase from NOK 28 million in Q3 2019, driven by retail sales seasonality. 

Net interest income amounted to NOK 293.8 million, up from NOK 282.4 million in Q3 2019. Net commissions and fees were NOK 6.8 million in Q4 2019, down from 14.3 million in the previous quarter. 

Operating costs, excluding marketing expenses, were NOK 88.6 million up from NOK 85.0 million in Q3 2019. Direct marketing expenses were NOK 10.9 million, down from NOK 20.9 million in Q3 2019, primarily due to seasonality effects, but also as a result of the Bank actively managing growth. 

Total losses on loans amounted to NOK 221.7 million in the quarter, up from NOK 81.8 million in Q3 2019. Losses were impacted by additional provisions of NOK 105 million, primarily driven by changes in loss given default (LGD) parameters. Adjusted for the additional provisions, losses on loans for Q4 2019 amounted to NOK 117 million. This increase was primarily due to the expiration of the forward flow contract and an increase in non-performing loans.

Commenting on the results, CEO Jan Haglund, said: 

“2019 was a disruptive year, characterised by both substantial market changes and changes in regulatory conditions. I regret the strain that both internal and external stakeholders have been through. I also want to underline that I am proud of the hard work put in by our dedicated employees throughout the year, and I believe we demonstrated in 2019 that Komplett Bank is able to rapidly adjust to and overcome new and evolving circumstances.”

Jan Haglund added:

“We experienced a negative development in our loan portfolio in the fourth quarter, primarily related to loans issued in Norway in 2018. A year ago, we initiated a review of the risks in our portfolio and we have continuously worked to improve our risk management capabilities. We know it will take time for the full effects of these efforts to materialise and I am confident that by remaining relentlessly focused on risk management and profitability, Komplett Bank will be in a significantly stronger position by the end of 2020.” 

The Q4 2019 report and presentation materials is availeble here.

The presentation and following Q&A session can be viewed via  Webcast.

For further information, contact: 

Henning Fagerbakke, CFO
+47 95 46 37 20

Jan Haglund, CEO 
+46 70 600 2061

About Komplett Bank ASA
Komplett Bank is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts and online point-of-sales finance products to consumers. The target group is creditworthy customers with stable personal finances and no payment remarks. Credit risk is managed largely by automated processes for credit assessment and underwriting. The bank has a diversified and balanced distribution model utilizing both public and proprietary channels. Operational efficiency and low cost are the foundation for Komplett Bank and is enabled by centralised operations, modern systems and digital set-up.
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This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act