Q2 and H1 2026 Results
Interim report for Q2 2026 and H1 2026 will be published on Thursday, 13 August 2026 at 05:00 a.m. CET.
Why invest in Morrow Bank
Performance per Q1 2026
18.1 billion
Gross loans: SEK 18.1 billion, up 23% year on year²24.8%
Cost/income ratio, excluding one-offs, vs 27.5% in Q1 2025²0.26
Earnings per share: SEK 0.26, vs SEK 0.24 in Q1 2025²13.9%
Return on target equity (ROTE): 13.9%, vs 10.7% in Q1 2025² ⁵Key value drivers
Organic growth in a large, resilient market. The bank focuses on creditworthy Nordic consumers with stable employment and strong repayment profiles, in a resilient SEK 600 billion market for unsecured lending. Morrow Bank has doubled its share of this market since 2022, to approximately 3 per cent in 2025, offering consumer loans, no-fee credit cards and guaranteed savings accounts, with automated credit decisions and risk-based pricing. Gross loans grew 23 per cent year on year in Q1 2026, with substantial room for continued organic growth.
A competitive cost structure that compounds with scale.Centralised operations and automated processes let the loan book grow faster than costs. Since 2022 the loan book has doubled, while the cost/income ratio excluding non-recurring items has fallen from above 40 per cent to approximately 25 per cent, compared to 33 per cent on average for the bank's listed peers⁶. With SEK 150 million in fully realised synergies from the MedMera integration, the cost/income ratio is expected to reach approximately 20 per cent by end-2028.
M&A consolidation playbook with four completed deals. Qliro, Lunar, Moank and MedMera have accelerated the profitable growth. The three portfolio acquisitions added close to SEK 3 billion of performing loans. MedMera Bank, completed on 1 July 2026 at 1.06x book value and approximately 11x 2025 earnings before synergies, takes the combined loan book to SEK 28.2 billion³ and lifts both earnings capacity and ROTE. Further M&A remains a core part of the strategy, pursued when transactions meet the bank's return requirements, enabled by the scalable platform and the bank's stock as acquisition currency.
Accelerating capital generation with a clear allocation frameworkThe redomiciliation to Sweden placed Morrow Bank on a level playing field with its Swedish-listed peers: the total capital requirement fell from 18.4 per cent under Norwegian rules at year-end 2025 to 14.4 per cent under Swedish rules, accelerating capital generation on the same underwriting framework. Excess capital is allocated where it generates the highest long-term shareholder return: organic growth, accretive M&A, and returning capital to shareholders.
Footnotes
1) CAGR 2022 to 2025, adjusted EPS, sourced from Bloomberg. Peers include Instabank, NOBA Bank, Avarda, Lea Bank and Norion Bank. As published in the Q1 2026 reporting materials.
2) Comparison figures for Q1 2025 refer to the former entity, Morrow Bank ASA, converted from NOK to SEK based on Sveriges Riksbank's published exchange rates.
3) Combined figures based on 2025 figures are presented for illustrative purposes only and are unaudited.
4) 2025 earnings per share as reported for Morrow Bank standalone.
5) ROTE is the periodic net profit divided by average equity adjusted for optimal financing and capital structure, measured in percentage points.
6) Peer average cost/income ratio based on peers' reported figures as of 7 May 2026. Peers include Instabank, NOBA Bank, Avarda, Lea Bank and Norion Bank.