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Monobank: Solid loan growth of NOK 322 million in 1st quarter 2017, reflecting continued high demand and attractive growth opportunities

Pressemelding   •   apr 26, 2017 07:37 CEST

CEO Bent Gjendem
  • Strong loan growth of NOK 322 million, net loan balance of NOK 1 162 million
  • Net profit after tax NOK 1.8 million
  • Total income increased to NOK 28.2 million, up from NOK 21.7 million in Q4
  • Improved credit quality after further tuning of score cards

Bergen, 26 April 2017:

Monobank delivered a strong first quarter 2017, with increased net profit to NOK 1.8 million, and continued strong net lending growth compared to fourth quarter 2016. The bank has increased the credit quality of the overall portfolio, serving an additional 6 700 customers in Norway. At the same time focus has been on the development of the multi country IT platform which will ensure efficient and expedient geographical expansion. The launch in Finland is expected during the second quarter 2017. The bank was listed on the Oslo Stock Exchange’ Merkur Market on 16 th February under the ticker symbol MONO-ME

First quarter net interest income was NOK 29.9 million and the net interest margin was 8.7 per cent. Operating costs were NOK 20.3 million, an increase of NOK 4.5 million mainly due to increased marketing costs and one-off expenses associated with listing the bank’s shares at Oslo Børs’ Merkur Market.

Net total loans amounted to NOK 1 162 million excluding prepaid agency commissions and unspecified loss provisions, an average increase of 38 per cent compared to fourth quarter 2016. The credit quality continued to improve, in line with projections. Per year-end 2017, Monobank expects net loans in the Norwegian market to be around NOK 1.8 billion. Additional loan volume will be generated from the loan operation in Finland. The bank will take a prudent approach to the new market.

Deposits from customers amounted to NOK 1 138 million. Per year end bank deposits and holdings liquid securities were NOK 255 million and total equity amounted to NOK 334 million.

Loan provisions amounted to 1.9 per cent of loans in the quarter, and gross loans in default since the bank commenced regular banking operations was 4.9 per cent of average gross lending.

Monobank will continue to evaluate other business opportunities that may complement or enhance the bank’s core product. Recent proposals for changes in regulatory guidelines are not expected to have a material effect on the way Monobank currently conduct its loan business.

“We´re pleased to record another solid quarter, with increased net profit and strong loan growth. To be able to grow the portfolio in this pace and at the same time improve credit quality is an evidence that our selective risk and customer selection model works. When we have developed this platform to become multinational, we can take out scale on another level than today. Digital banking with automated solutions are the core of Monobank´s strategy, and we believe our solutions provides us with a competitive edge that we are eager to utilize both in our domestic market and abroad”, said Bent H. Gjendem, Chief Executive Officer at Monobank.

For further information contact:

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

Monobank is an internet-based bank offering unsecured lending to qualified private individuals in Norway. Operations started out of Bergen, Norway, in November 2015 after received its banking licence from the Financial Supervisory Authority of Norway. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Bank’s Guarantee fund, of which Monobank is a member.

For further information, please visit the company web page www.monobank.no.

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