TF Bank AB (publ) Interim report January-March 2016

"We currently have over a million active customers in seven countries, a loan portfolio that has passed SEK 2 billion and operating income of over SEK 100 million which means that further milestones in TF Bank’s history have been reached in the first quarter."

Comments on the first quarter from CEO Declan Mac Guinness.

• Total operating income increased 6.8 % to SEK 100.6 million
• The loan portfolio on 31 March 2016 amounted to SEK 2,012 million corresponding to an increase of 20.8% compared with 31 March 2015 and an increase of 9.5% during the first quarter 2016.
• Operating profit declined 9.1 % to SEK 28.0 million
• Adjusted1 operating profit increased 10.7 % and was SEK 34.1 million
• Net profit declined 1.8 % to SEK 22.7 million
• Adjusted1 net profit increased 18.8 % and was SEK 27.5 million
• The cost/income ratio was 38.3 % (35.2 %)
• CET1 capital ratio was 14.9 % and total capital ratio was 19.3 %
• Earnings per share amounted to SEK 1.13 (1.10)
• Adjusted1 earnings per share was SEK 1.35 (1.10)
• Adjusted return on equity was 33.5 % (37.6 %)

• Listing of TF Bank’s subordinated tier 2 loan ofSEK 100 million on Nasdaq Stockholm
• In December 2015, TF Bank AB (publ) successfully issued subordinated tier 2 loan totalling SEK 100 million, for the purpose of strengthening the Company’s capital structure. The subordinated loan was listed on Nasdaq Stockholm in February 2016.


The Board of Directors of TF Bank has adopted the following targets medium term

Over the medium term, TF Bank aims to achieve annual EPS growth of at least 20%.

Over the medium term, TF Bank aims to reach a cost to income ratio of below 35%.

Capital structure
TF Bank’s objective is to maintain a total capital ratio of at least 14.5%.

Dividend policy
TF Bank’s board of directors has adopted a dividend policy according to which TF Bank aims to distribute around
50% of net profit for the year.

For more information, please contact:

Declan Mac Guinness
Tel: +46 33 722 35 65

Investor Relations

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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