BRAbank ASA: Taking action to reduce credit risk and restore profitability
Highlights: · Net loans at NOK 3 926 million, down from NOK 4 494 million in Q3’19 · Capital constraints and sale of portfolio · Net profit affected by significant one-offs · NOK 88 million in extraordinary loan losses · Restructuring costs of NOK 13 million · New measures to improve capital adequacy in progress · Equity issue of NOK 65-85 million approved · Up to NOK 35 million in tier 2 bond issue · Risk management is key priority for 2020 · Reduced risk appetite, improved credit models · Full effect from extensive cost program in