Sunset, hand reaches out and touches flowers in nature. photo.

13 Aug 2026

Q2 and H1 2026 Results

Continued organic earnings growth and MedMera Bank acquisition completed.

"In the second quarter we completed the preparations for our largest acquisition to date – including the rights issue that was significantly oversubscribed. The MedMera Bank transaction was closed on 1 July as planned. Underlying profit before tax for Morrow Bank grew 17 per cent year-on-year with credit quality clearly better than target. MedMera exhibited an equally strong development in the period. From here, the priority is efficient integration and continued profitable growth." says Øyvind Oanes, CEO

Highlights of the quarter

Profit before tax up 17 per cent to SEK 100 million in Q2, driven by loan book growth and improved credit quality, partly offset by investments in the organisation as preparations for the MedMera integration and one-off transaction costs.

The sale of a Swedish non-performing loan portfolio with a gross book value of approximately SEK 440 million closed in April, reducing NPL exposure risk and supporting capital ratios.

All conditions for the acquisition of MedMera Bank were met during the quarter, which increases the loan book by approximately 65 per cent. The transaction was completed on 1 July 2026, right after the quarter.

The consideration of SEK 1,960 million was financed through excess capital, an oversubscribed rights issue of SEK 592 million and a new AT1 of NOK 300 million combined with a SEK 200 million T2 bond – both issued at record low margins for the Bank.

The Q2 2026 report and presentation are attached and available at ourReports and Presentations page. (link)