Komplett Bank ASA – Q1 2023 trading update: Strong progress made on strategic initiatives, significant increase in net profits

25 Apr 2023 08:00 CEST

Komplett Bank today provides an update on its Q1 2023 results ahead of the
publication of the interim report and presentation scheduled for 12 May 2023.

In Q1 2023, Komplett Bank delivered continued strong loan growth, with improved
yield and credit quality. The Bank is well ahead of schedule to deliver on its
previously stated growth ambitions and the return on equity (ROE) at 8% was
materially improved following successful implementation of initiatives to reduce
the cost base.

“Since the current management team was introduced in January 2022, our focus has
been on building a bank that is competitive and positioned for growth and
long-term value creation. Compared to Q1 2022, the Bank’s cost/income ratio has
been reduced by nearly 20%-points, illustrative for the progress made on
efficiency in the period,” said Øyvind Oanes, CEO of Komplett Bank.

Highlights for the quarter:
• Gross loans to customers were NOK 10.8 billion, up 12% from Q4 2022 (up 7%
when adjusting for currency effects).
• Total income was NOK 235 million, up 6%, driven by positive net loan growth
and strong yield.
• Total operating expenses before depreciation and write-offs were NOK 74
million, down by 18% from the previous quarter, driven by successful
implementation of initiatives to reduce cost base.
• The cost/income ratio was 35%, down from 44% (adjusted) in Q4 2022.
• The loan loss ratio was 3.9%, down from 5.4% (adjusted) in Q4 2022.
• Profit after tax was NOK 40 million, compared to NOK -89 million reported in
the previous quarter.
• The ROE was 8%, the highest level since Q2 2021.
• The CET1 ratio was 19.5% by the end of the quarter, well above the 17.7%
statutory requirement. Total capital was 22.3%.

“We have delivered strong loan growth for three consecutive quarters. We have
successfully increased loan interest rates and our initiatives to reduce costs
are yielding results. Importantly, we plan for continued growth and further cost
reductions. We have a highly motivated team in place and look forward to
launching our new brand in May as we continue building a bank for the future,”
commented Øyvind Oanes, CEO of Komplett Bank.

Komplett Bank will publish its interim report for Q1 2023 on Friday 12 May at
07:00 CEST.

For further information, please contact:

Eirik Holtedahl, CFO
tel: +47 96912291
email: ir@komplettbank.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Henning Fagerbakke, Head of Finance,
Komplett Bank ASA, on 25 April 2023 at 08:00 CEST.

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