Nordax Holding AB Year-end and fourth quarter report 2014

Full-year 2014

(Numbers compared with full-year 2013)

  • Operating income increased 21.8% to 817 MSEK (671)
  • Profit before credit losses increased 18.2% to 468 MSEK (396)
  • Net credit losses unchanged -114 MSEK (-114), credit loss level 1.2% (1.5%)
  • Operating profit increased 25.5% to 354 MSEK (282)
  • Vision Capital, Nordax’s principal shareholder, will evaluate strategic options in respect of its shareholding in Nordax. This may result in an initial public offering, although all options will be considered
  • Synnöve Trygg elected non-executive Director of the Board.

Fourth quarter 2014

(Numbers compared with fourth quarter 2013)

  • Operating income increased 9.5% to 207 MSEK (189)
  • Profit before credit losses was 115 MSEK (116) impacted by enhancement of resources in compliance and risk management
  • Net credit losses decreased to -27 MSEK (-37), credit loss level 1.1% (1.8%)
  • Operating profit increased 15.8% to 88 MSEK (76)
  • Restructuring of ownership increases capital cover ratio
  • Nordax granted license to conduct banking business.

Volumes, capital and funding

(Numbers compared with December 31, 2013)

  • New loans amounted to 3,843 MSEK (3,180)
  • Lending to the general public increased 1,664 MSEK to 10,009 MSEK (8,345)
  • Deposits increased 1,726 MSEK to 6,479 MSEK (4,753)
  • Liquidity reserve 3,246 MSEK (1,807), liquidity coverage ratio 3.15 (3.85).
KEY FIGURES
Q4 2014 Q3 2014 Q4 2013 FY 2014 FY 2013
Common equity Tier 1 capital ratio   % 12.3 10.9 12.0 12.3 12.0
Total capital ratio % 13.9 12.5 14.5 13.9 14.5
Return on equity % 30 41 35 33 34
Credit losses % 1.1 1.1 1.8 1.2 1.5
C/I-ratio % 44 36 39 43 41
Number of full time equivalents 163 160 138 163 138

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