Interim Report, January – June 2017
"Compared to the same period last year, the first six months resulted in an increase in adjusted operating profit by 26%. We have continued our expansion with an increased product mix and a geographical diversification within both deposits and lending resulting in the company now standing stronger than ever." - Declan Mac Guinness, CEO.
FIRST HALF-YEAR, JANUARY-JUNE 2017 (COMPARED WITH JANUARY-JUNE 2016)
• Total operating income increased by 18.5 % to SEK 247.3 million
• Loan portfolio amounted to SEK 2,836 million on 30 June 2017, an increase of 13.9 % since the end of 2016
• Operating profit increased by 67.8 % to SEK 91.3 million
• Adjusted operating profit increased by 26.3 % to SEK 91.3 million*
• Net profit increased by 65.5 % to SEK 70.1 million
• Adjusted net profit increased by 24.5 % to SEK 70.1 million*
• The cost/income ratio was 38.0 % (38.5)
• CET1 capital ratio was 13.6 % and the total capital ratio was 17.0 %
• Earnings per share amounted to SEK 3.35 (2.14)
• Adjusted earnings per share amounted to SEK 3.35 (2.79)*
SIGNIFICANT EVENTS, JANUARY-JUNE 2017
• The subsidiary Avarda signed an agreement in June with a large Nordic merchant, Hobby Hall.
• In January TF Bank started to offer deposits to its customers in Norway.
• In June TF Bank signed an agreement to sell its non-performing loans in Estonia.
• It was resolved to finalise the application and transform BB Finans to bank.
*Adjustments have been made for items affecting comparability related to the initial public offering.
For further information, please contact:
Declan Mac Guinness, +46 707 22 82 97, email@example.com
TF Bank in short
TF Bank is an Internet based niche bank that offers consumer banking services through its proprietary IT platform with a high degree of automation. The company’s IT platform is designed for scalability and adaptability to different products, countries, currencies and digital banking solutions. TF Bank conducts banking operations (deposits and lending) for private individuals in Sweden, Finland and Norway, lending to private individuals in Norway and Poland as well as cross-border lending activities in Denmark, Estonia and Latvia.