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.
FIRST QUARTER, JANUARY-MARCH 2016 COMPARED WITH JANUARY-MARCH 2015
• 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 %)
SIGNIFICANT EVENTS, JANUARY-MARCH 2016
• 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.
EVENTS AFTER THE REPORTING PERIOD
The Board of Directors of TF Bank has adopted the following targets medium term
Growth
Over the medium term, TF Bank aims to achieve annual EPS growth of at least 20%.
Efficiency
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
CEO
Tel: +46 33 722 35 65
Email: declan.macguinness@tfbank.se
Investor Relations
ir@tfbank.se