Morrow Bank ASA - sale of non-performing loans in Finland confirm book values

18 Oct 2024 14:01 CEST

Morrow Bank has entered into an agreement to sell a part of the bank’s
non-performing unsecured loans (NPL) in Finland, representing a gross booked
value of approximately EUR 16 million. With this transaction accounted for by
the end of Q3 2024, the NPL ratio would have been reduced to 9.7%. The
transaction includes the oldest portion of Morrow Bank´s non-performing loans in
Finland. After the transaction, the remaining Finnish NPL portfolio will be less
than a year old. The transaction will reduce NPL exposure risk, improve capital
ratios and have a slight positive effect on the company's profit, confirming the
valuation of the impaired loans. The transaction is expected to close before the
end of Q4 2024.

For further information, please contact:
Eirik Holtedahl, CFO
tel: +47 96912291
email: ir@morrowbank.com

About Morrow Bank ASA
Morrow Bank is a Nordic niche bank offering personal loans, credit cards and
deposit accounts to consumers. The target group is creditworthy individuals 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 a foundation for
Morrow Bank and are enabled by centralized operations, modern systems and
digital set-up. To learn more, visit ir.morrowbank.com

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,
Morrow Bank ASA, on 18 October 2024 at 14:01 CEST.

More information:
Access the news on Oslo Bors NewsWeb site