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Monobank Q2 2018: Solid growth and improved profitability

Pressemelding   •   aug 15, 2018 07:42 CEST

Bent Gjendem, CEO i Monobank
  • Loan growth of 12% in the quarter to a net loan balance of NOK 3 212 million
  • Net interest income of NOK 81.7million, up 19% from Q1 2018 (NOK 68.8 million)
  • Net profit after tax reached NOK 13.8 million, up 37% from Q1 2018 (NOK 10.0 million)
  • Successful launch of Monobank’s unique and innovative credit card platform, a combined credit card and mobile payment app in late May
  • Geographical expansion continues; quarterly loan growth mainly driven by Finland
  • Euro denominated deposits from Germany, Austria, France and Spain through Raisin, a German online deposit platform
  • The first sale of non-performing loans under the forward flow agreement with debt management company Axactor, took place June 6, supporting capital adequacy ratios
  • Expected profit after tax in a range of NOK 55 – 60 million for the full year 2018, including negative net effect from investments in the credit card platform roll-out with Widerøe

Second quarter loans and advances to customers increased by NOK 353 million to NOK 3 298 million excluding provision for loan losses and prepaid agency commissions. Interest income for the quarter was NOK 98.0 million, an increase of 16% compared to previous quarter (84.7). Cost/income ratio was down 4 percentage points compared to last quarter, mainly driven by more efficient marketing spending.

“Monobank had a solid quarter with positive operational development and solid progress on strategic initiatives. Growth in net loans continued at a satisfactory pace driven mainly by strong demand in Finland. The bank handles loans and deposits from an internally developed multi country platform to facilitate efficient and expedient geographical expansion of our core business” said Bent H. Gjendem, Chief Executive Officer at Monobank.

Monobank has built and invested in a technology driven multi country platform and a credit card platform. A key element of Monobank's strategy is to leverage its established position in digital consumer banking to create new revenue streams using the Mono Pay app which is included in the credit card platform. The first partner roll-out is with Scandinavia's largest regional airline Widerøe, where Monobank will launch a Widerøe branded credit and loyalty card in September this year.

The bank’s multi country platform offers considerable operational synergies and adds strength to the bank’s growth platform. The bank's opex is now scaled for further growth, and the board has therefore decided to launch consumer loan business in Sweden in the first quarter 2019. The expansion will further contribute to diversify the business model and regulatory risk exposure.

“Increased focus on efficient use of marketing resources as well as leveraging our distribution platforms to increase operational efficiencies should improve the bank’s profitability going forward. For the full year 2018, we expect a profit after tax in a range of NOK 55–60 million. This includes a negative net effect resulting from investments in the roll-out of our card card platform with Widerøe, in addition to expenses related to the continued development of the Monobank platform”, Bent H. Gjendem concludes.

Presentation in Oslo and webcast today Wednesday 15 August at 11:00 AM CEST

The company will host a presentation of the second quarter 2018 results in Oslo today Wednesday 15 August at 11:00 AM CEST at Hotel Continental, Stortingsgata 24, 0117.

The presentation can be followed through live webcast here: www.monobank.no/ir

Presentation in Bergen Thursday 16 August at 08:30 AM CEST

The company will also host a presentation of the second quarter 2018 results in Bergen Thursday 16 August at 08:30 AM CEST at Monobank’s headquarter, Telegrafen, Starvhusgaten 4, Entrance: Olav Kyrresgate 3rd floor, Bergen.


The second quarter report and presentation will also be made available on www.monobank.no/irand www.newsweb.no.

For further information contact:

Bent H. Gjendem, Chief Executive Officer at Monobank, phone: +47 996 11 996

Monobank ASA a is digital bank focused on consumer finance in the Nordics. Monobank is a cloud based bank with strong focus on customer experience and fintech solutions. Monobank is based in Bergen, Norway and started operation in November 2015. The bank has experienced strong growth and went profitable after only three quarters. The bank offers unsecured lending to qualified private individuals in Norway and Finland. The screening process is based on an automated evaluation system. Loans are granted up to NOK 500 000. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which Monobank is a member. Monobank is an independent bank with approximately 1 000 shareholders and was listed on the Oslo Stock Exchange's Merkur Market on 16th February 2017 under the ticker symbol MONO-ME. Monobank has been awarded with "Great Place to Work" twice since the start.

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