Interim Report for January – June 2018

”The second quarter of 2018 ended with strong growth and a loan portfolio approaching SEK 4 billion. In the last three months, the portfolio rose by SEK 357 million, with particularly strong growth in the Ecommerce Solutions segment, which increased by 13 %. Operating income in the second came in at SEK 53 million, 11 % higher than the corresponding quarter in 2017. The last twelve month’s profit, amounted to SEK 7.34 per share.” – Mattias Carlsson, CEO.

First half-year 2018 compared with the first half-year 2017

  • Total operating income increased by 18.8 % to SEK 293.7 million
  • The loan portfolio amounted to SEK 3,876 million as at 30 June 2018, an increase of 22.8 % since the year-end
  • Operating profit increased by 11.7 % to SEK 101.9 million
  • Net profit increased by 11.9 % to SEK 78.4 million
  • The cost/income ratio was 40.2 % (38.0)
  • The total capital ratio was 17.2 %, an increase of 1.0 percentage points since the year-end
  • Earnings per share amounted to SEK 3.65 (3.35)

Significant events, first half-year 2018

  • In January, the subsidiary Avarda launched a payment solution in Finland, together with several major partners
  • The Board appointed Mattias Carlsson as new CEO of TF Bank. Mattias Carlsson has worked for the bank for almost 10 years and has been serving as acting CEO since November 2017
  • TF Bank issued a Tier 1 capital instrument (AT1) of SEK 100 million during the period

For further information, please contact:
Mikael Meomuttel, CFO and Head of Investor Relations +46 (0)70 626 95 33

TF Bank in brief
TF Bank is an internet-based niche bank offering consumer banking services through its proprietary IT-platform with a high degree of automation. The company's IT-platform is designed for scalability and adaptation to different products, countries, currencies and digital banking solutions. TF Bank carries out deposit and lending activities with consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia, Latvia and Lithuania through subsidiary, branch or cross-border banking. The business is divided into two segments: Consumer Lending and Ecommerce Solutions.

This is information which TF Bank is required to disclose under the EU Market Abuse Regulation and the Securities Market Act. The information was provided for publication 13 July 2018 at 07:00 CET.

About Us

TF Bank was founded in Sweden in 1987 for the purpose of offering financing solutions to customers who ordered goods from mail-order catalogues. Over time, the Group has grown both in terms of product offering, profit and geographical reach. Currently, TF Bank offers consumer banking services through a highly automated, in-house developed IT-platform designed for scalability and adaptability to different products, jurisdictions, currencies and digital banking solutions. TF Bank conducts banking operations with deposits and lending to private customers in Sweden and Finland, lending to private customers in Norway and Poland as well as cross-border lending in Denmark, Estonia and Latvia. The Group’s principal business is lending to the public through two segments: Direct to Consumer and Sales Finance. Direct to Consumer comprises mainly of loans of limited amounts to private customers. Sales Finance provides funding solutions for the handling of invoice and instalment payments.

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