Autumn in Oslo. A kajakk on the water, and autumn colors on the tree. picture.

6 Nov 2025

Q3 results 2025

Strong loan demand and profits up 32% - lifting growth ambitions

Morrow Bank delivered another strong quarter with profit before tax of NOK 95.2 million in Q3 2025, up 32% from NOK 72.3 million in Q3 2024."Morrow Bank is in a strong position to keep taking market share in the Nordic consumer finance space. We have delivered the fastest growth in the industry over the past years while maintaining one of the lowest cost-to-income ratios, proving the strength of our scalable platform," said CEO Øyvind Oanes."With a proven ability to combine growth and profitability, we are raising our annual organic growth target to above 10%, implying a loan book of around NOK 19 billion by end-2026 while maintaining solid credit quality. For end-2028 we have an ambition NOK ~24 billion in gross loans and return on target equity (ROTE) of ~20%.""We are on track to redomicile the bank to Sweden and transfer our listing to Nasdaq Stockholm in January 2026 - the natural home for the Nordic consumer finance cluster. This will put Morrow Bank on a level playing field with peers and support our ambition to deliver higher growth, stronger returns and long-term value for our shareholders."

Highlights of the quarter:

Organic loan growth of 6% q-o-q

Gross loans at NOK 17.1 billion, up 10% from Q3 2024 and 6% from Q2 2025
Total income of NOK 354 million in Q3, up 10% year-on-year
Growth driven by successful product launch in Norway and strong customer demand
Sale of Finnish non-performing loans of EUR 72 million to be reflected in Q4 2025

Scalable platform driving profitability

Cost/income ratio at 24.7% excluding one-off redomiciliation costs (25.7% in Q3 2024)
Loan loss ratio reduced to 3.9% (4.8% in Q3 2024) reflecting improved credit risk management and a maturing loan portfolio
Profit before tax increased by 32% to NOK 95.2 million in Q3
Return on equity (ROE) increased to 11.5% (9.0%) and return on target equity (ROTE) to 13.1% (10.1%)

Unlocking up to NOK 1 billion as a Swedish bank

Redomiciliation to Sweden and listing on Nasdaq Stockholm on track for January 2026
Excess capital post redomiciliation estimated at up to NOK 1 billion, providing headroom for accelerated value creation
Capital allocation priorities: 1) organic growth, 2) accretive M&A, 3) return of capital to shareholders

Targeting higher growth and returns

Increasing annualised organic loan growth target to >10% (up from 5-10%)
End-2028 ambition of NOK ~24 billion loan book, ~22% cost/income ratio and ~20% ROTE

The Q3 2025 report and presentation are available here.