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12 May 2022

Q1 Results 2022

"Stable yields, reduced loan losses and good progress on improvement initiatives."
Commenting on the results, CEO Øyvind Oanes, says:

“While underlying net loan growth and yield was stable in Q1 2022, growth started picking up towards the end of the quarter following the long tail of the pandemic limiting consumer spending into February. Costs increased in the quarter driven by restructuring, but, importantly, we reduced our cost base while implementing leaner and more efficient processes. Loan losses continued to develop favourably during the quarter, driven by reduced defaults in the portfolio. The recent NPL sales combined with all new non-performing loans now being sold on forward flow contracts have resulted in significantly reduced balance sheet risk and we expect loan losses to be stable going forward.

In our Q4 2021 reporting, we announced multiple initiatives aimed at increasing throughput and repositioning Komplett Bank for accelerated growth. We are seeing progress on all the initiatives – and the first action on process automation was deployed during the quarter with application processing time being reduced by 40-50%, positively impacting conversion rates.

The reorganization of our IT organization and structure continues with a new CTO in place effective from 1 March 2022 and development of a Tech roadmap has been initiated.

Our mid-term organic ambitions are to grow our loan balance by more than 50% compared to 2021, reduce cost/income ratio to below 35% and deliver a return on target equity of 12-15%. While we highlight that deployment of our initiatives are still in an early phase, the progress made during the quarter contributes to our positive outlook for the Bank.”
See the announcement on Oslo Børs here.